Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello. I am struggling to answer these 5 questions for my Microeconomics ECO 110 class. Any help answering these questions so I understand for future

image text in transcribedimage text in transcribedimage text in transcribed

Hello. I am struggling to answer these 5 questions for my Microeconomics ECO 110 class. Any help answering these questions so I understand for future reference would be a great help. Thank you again for the time and effort to help me.

image text in transcribedimage text in transcribedimage text in transcribed
Question 1 (10 points) Vocab (Unit 13) Part of how a monopoly makes long-run profits is preventing other firms from joining the market. This is usually done through things like copyrights or patents, which are '- l 5/ (enticements/barriers) to entry. As a result, the assumption of 5/ (Atomicity/ Product Homogeneityf Free Entry/Transparent Information) is broken, so other firms l l 5/ (can/cannot) come in to offer lower prices Question 2 (10 points) Vocab (Unit 14) In a Perfectly-Competitive industry, advertising would create ' l 5/ (profits/ losses) since each firm sells a product of roughly "the same" quality as everyone else. So any firm that advertised would end up getting 5/ (manyXfew) new customers. In a monopoly, advertising would create l l 5/ (profits/ losses) because they have no competitors, so making an ad would get them I I 'v (many/few) new customers. But in Monopolistic Competition, advertising can generate l l 5/ (profits/losses) because it can pull customers away from the firms' other competitors Question 3 (10 points) Signalling (Unit 14) If you really aren't committed to your partner, then buying a wedding ring & is A/ (easy/costly), but if you really are committed, then it's (easy/costly). This makes wedding rings an (effective/ineffective) signal of "commitment" Question 4 (10 points) Signalling (Unit 14) Saying that you're "a great team player" in a job interview is (easy/costly) if you are a hard worker, and it's (easy/costly) if you are a lazy worker. This makes saying you're a "great team player" an (effective/ineffective) signal of "team player"-nessQuestion 5 (10 points) Vocab (Unit 8) A tariff l l 495/ (raises/ lowers) the price of imports, which takes surplus away from l l 3/ (consumers/producers/government) and creates surplus for l l 5/ (consumers/producers/govern ment). The whole economy is l l 15/ (better/worse) as a result of the tariff

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Michael Parkin

12th edition

133872297, 133872293, 978-1292094632

More Books

Students also viewed these Economics questions

Question

8. What are the costs of collecting the information?

Answered: 1 week ago