1. In monopolistic competition, the long-run equilibrium results in zero economic profit of the firms in these industries. The key factor in this is
   a.   differentiated products.
   b.   freedom of entry into and exit from the industry.
   c.   price discrimination.
   d.   brand names.

2. In the long run, a monopolistically competitive industry is characterized by all of the following, except
   a.   an efficient use of resources.
   b.   production that would exhibit lower costs per unit at higher output levels.
   c.   firms producing where price is above marginal cost.
   d.   firms earning zero economic profits.

3. For a perfectly competitive firm in the short run, if the following conditions are true, P = MR = MC > AC, then
   a.   the firm is maximizing profits and is suffering an economic loss.
   b.   the firm is not maximizing profits but is making an economic profit.
   c.   the firm is not maximizing profits and is not making an economic profit.
   d.   the firm is maximizing profits and is making an economic profit.

4. Probably the simplest approach to the problem of oligopolistic interdependence is to
   a.   increase the firm’s advertising outlay considerably.
   b.   ignore the actions of rivals.
   c.   conduct market experiments.
   d.   assume that rivals will pursue a course most detrimental to the firm concerned.

5. Which of the following is concerned with the distribution part of resource allocation?
   a.   An economy decides to produce equal quantities wheat, rice, and clothes.
   b.   An economy decides to use more labor for producing wheat and rice.
   c.   An economy decides to ration 40 percent of its output to low income groups.
   d.   An economy decides to use 25 percent of the available capital for producing clothes.

6. ”Peak” pricing can best be defined as
   a.   raising price to determine elasticity.
   b.   setting price higher when demand is more elastic.
   c.   setting higher prices to reflect higher demand.
   d.   pricing to obtain maximum profit.

1. A profit-maximizing, monopolistically competitive car wash washes 40 cars per day, and its total cost $200 and currently makes an economic profit of $280. In the long run, everything else equal, the
   a.   car wash will wash less than 40 cars per day.
   b.   car wash will charge more than $12 per wash.
   c.   car wash will need to hire new workers to wash more cars.
   d.   car wash will wash more than 50 cars per day.

2. For a competitive firm, if at least some portion of its short-run average cost curve lies below the price of the product, we can conclude that the firm
   a.  is earning zero economic profits.
   b.  is incurring short-run losses.
   c.  is going to shut down.
   d.  is earning a profit at the profit maximizing output level.

3. If stock exchanges did not exist,
   a.   the economy’s resources could be more efficiently allocated among firms.
   b.   the risk to the investor of buying stocks would be much greater.
   c.   investment banks would no longer play a role in handling stocks.
   d.   there would be no organized way for firms to issue stock.

4. A “specialist” is a
   a.   stockbroker who specializes in the “third market.”
   b.   person who works on the floor of the New York Stock Exchange and specializes in certain stocks.
   c.   stockholder who finds buyers and sellers for specific stocks, but also operates outside of specific stock markets.
   d.   stockbroker who operates only in a particular regional stock market.

5. Suppose that we learn that hotels in Los Angeles generally operate with an average vacancy rate of 15 percent (in other words, 85 percent of the hotel rooms are filled with guests). Given this information about excess capacity, we would judge this market to be
   a.  a perfectly competitive market.
   b.  a monopoly.
   c.  a monopolistically competitive market.
   d.  an oligopoly.

6. A monopolistically competitive firm
   a.   is always a retail establishment.
   b.   has more monopoly power in the long run than does a perfectly competitive firm.
   c.   tries to differentiate its product from competitors’ products.
   d.   faces a perfectly elastic demand curve for its product.

Answer True or False to the following questions:

1. An oligopolist who sets the price for the industry is a price leader.

2. Command economies are able to achieve greater allocative efficiency than market economies.

3. Unlimited liability is a distinct advantage of the proprietorship.

4. Game theory is not useful for analyzing perfectly competitive markets.

5. The “invisible hand” refers to the control that government must exercise over a market economy.

Explain the effect of price discrimination on consumer surplus and economic profit

Please answer/discuss the following questions?

Assume you are the RM for a newly opened theme park in a major southwestern city. Your guests will consist primarily of families visiting the park, as well as schoolchildren on field trips and church youth groups. Yours is the only such park within 150 miles. Identify at least five non-cost factors you would want to consider as you determine the prices that will be charged for the menu items you will sell. Explain why you selected each factor chosen.

Use the 4-Step Approach to analyze the effects on the Kraff Dinner (an inferior good) market of the following conditions: Suppose there was a strike by Kraff workers at the same time as an increase in the price of Ramen noodles (also an inferior good). Write the 4-Step Approach in the text box below.

What role does religion play in stimulating conflict? Can it increase nationalistic attitudes or serve as a bridge between different groups?

Use the 4-Step Approach to analyze the effects on the house market of the following conditions: Prices for houses are expected to drop this coming winter.

Write the 4-Step Approach in the text box below.

Economists seem convinced that overall effect of trade between countries is positive, that the benefits outweigh the costs. And yet many groups continue to effectively lobby for protection for their industries and surveys suggest that the majority of voters consider trade to be harmful. The writings of Frederic Bastiat provide simple but logical examples in an attempt to demonstrate the absurdity of protectionist policies. Yet most people probably have never heard of Bastiat and have probably never heard the arguments that economists make every day in their teachings and writings. Which of the following do you believe explains this?

a. Economists are wrong and don't recognize the real-world costs that foreign competition imposes in the home country.

b. Economists are correct, but have failed to effectively communicate these ideas to the public at large.

c. Economists arguments make sense, but there are other factors beyond economics to consider when developing trade strategy.

d. None of the above: If you select this provide another explanation.

Given your answer, what do you propose as possible solutions to this problem?

Discuss the history of bank failures

You have learned about opportunity cost, which is the value of the next best choice sacrificed. So, when you buy a coffee at the store, what is your opportunity cost?

Scenario A: If you buy it right away and there is no line, would you say the opportunity cost of coffee is just the price you paid, e.g., $2.00?

Scenario B: If there is long line and you must wait one hour to get the coffee, what is the opportunity cost of coffee? Is it still $2.00 now that you arrive one hour late at work and miss the opportunity to make $20.00 during that one hour?

PART 2: Can you explain what is the opportunity cost of getting a college degree? Please list all the items that make up the opportunity cost .What are the benefits of getting a degree and is it worth it?

Please Answer These: Book is Human Resource Management | 16th Edition by Sean Valentine/Patricia Meglich/Robert L. Mathis/John H. Jackson

1. Define employee benefits

2. Identify four strategic benefit considerations.

3. Identify and describe the methods employers use to reduce rising healthcare costs.

Under the World Trade Organization (WTO) system, free riding may occur due to the Most Favored Nation (MFN) principle, but in practice no such free riding has occurred or has been curbed to a minimal level. Explain why.

Question 2 Consider the new trade model. Show how a country can be better o when it trades with an identical country. Explain your answer in detail using a diagram(s)..

Question 1 Evaluate the following statement (you may use a diagram):
\Economic growth in a large country may worsen its terms of trade so much that its
welfare would be deteriorating after the growth."