Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section. I hope you can help me and surely I will give you full positive feedback
Instructions
I. Write the letter of the correct answer before the number.1. In a purely competitive market, the firm will take the price established in the industry. The question that the firm must answer is what quantity it will offer in the market. The firm makes this decision based on which of the following criteria? A. Where average total cost is equal to average revenue B. Where the marginal cost is equal to marginal revenue C. Where the industry supply curve is equal to the demand curve D. The firm cannot 'decide' where to produce, this is imposed by the industry equilibrium 2. A perfectly competitive firm's short-run supply curve is its marginal cost curve: A. For all output where marginal cost exceeds minimum average variable cost B. For all output where marginal cost exceeds minimum average total cost C. For all output where marginal cost exceeds minimum average fixed cost D. For all quantities of output3. A newspaper reports, "COFFEE GROWER'S MONOPOLY BROKEN INTO SEVERAL COMPETING FIRMS." If this is true, we would expect the coffee-growing industry to: A. Decrease output and increase price B. Increase output and decrease price C. Use more capital goods and hire fewer workers D. Use fewer capital goods and hire more workers. 4. To regulate a monopolist at the social optimum implies: A. We risk forcing the monopolist to make a loss B. We will approximate a purely competitive market solution C. The point where the social optimum is obtained is where P = D = MC D. All of the above are true 5. An unregulated monopolist when compared with a purely competitive industry will : A. Produce more, and charge more B. Produce more but charge less C. Produce less, but charge more D. Produce less, and charge less6. Which of the following is the decision rule to determine the optimal combination of productive factors? A. MRP labor /MRC = MRP ybor IMRC cypitel MRP /MRC and =0 B. MRP /MRC = MRP /MRC ybor MRP /MRC Lend = 1 C. MRP labor = MRP = MRP =0 lundD. MRP. ebor = MRP 3.. = MRP =1 and 7. Which of the following is a nonprice determinant of the demand for a factor of production? A. Product demand B. Resource productivity C. Quality of the resource D. All of the above are nonprice determinants of the demand for a factor of production 8. The demand for capital for a firm that can easily automate its production operations (all other things equal) can be characterized as. A. Price elastic B. Price inelastic C. Demand is increasing D. Demand is decreasing 9. Which of the following is true of the minimum wage? A. If we assume a monopsony in the labor market, then there are likely no employment effects of the minimum wage as long as it's imposed below the monopsonist's desired wage rate. B. If it is imposed above the competitive equilibrium, there will be unemployment as a result of the minimum wage. C. If it is imposed below the competitive equilibrium, it will not be a binding constraint on the market. D. All of the above are true.10. A monopsonist in an otherwise competitive labor market will cause (as compared with the competitive labor market): A. Employment to increase, wages to decrease B. Employment to decrease, wages to decrease C. Employment to increase, wages to increase D. Employment to decrease, wages to increase
