M Impor 2 Post A Word Sign . D21 Fir X 2 Launch Order 0 Mail- Word w Modu Presel w Docur S Estelle Beaut New 1 Trans myTra @ (65) B| MyW| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:54:03 remaining X Page 1: 1 2 3 -- -- Question 6 (2 points) 4 6 Offer one reason why it difficult for oligopoly firms to sustain a cartel. 8 9 -- -- 10 11 12 -- A 13 14 -- -- Quiz Information Question 7 (5 points) Monopolistically competitive firms can earn above-normal economic profits in the short run. (a) In a few sentences, explain what will happen in the long run that will prevent monopolistically competitive firms from continuing to earn above-normal economic profits. (b) What is different about monopolists and oligopolists that allows these firms to earn above-normal economic profits in the long run, when perfectly competitive and monopolistically competitive firms cannot? Explain your answer in a few sentences. 1 83.F Q Search & W ENG 8:20 PM Mostly sunny US 7/28/2023M Impor 2 Post A Word Sign . D21 Fir X 2 Launch Order 0 Mail- Word w Modu Presel w Docur S Estelle Beaut New 1 Trans myTra @ (65) B MyWF| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:53:59 remaining X Page 1: Question 8 (3 points) 1 2 3 Offer an example of a good or service with a negative externality. What is the -- -- externality of the good or service you mentioned? 4 U 6 -- 8 9 -- -- A 10 11 12 -- 13 14 -- -- Quiz Information Question 9 (6 points) When markets suffer from imperfect information, it can decrease demand. (a) Why do consumers have a lower willingness to pay when they do not have enough information. (b) State one way that firms can solve this problem. (c) Explain why your answer to (b) will overcome consumer's reluctance to buy a product when they lack information. 1 83.F Mostly sunny Q Search ENG 8:20 PM US 7/28/2023M Impor 2 Post A Word Sign . D21 Fir X Z Launcorker 0 Mail- Word w |Modu Presel w Docur S Estelle Beaut New 1 Transe myTra @ (65) B MyWF| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:53:51 remaining X Page 1: A 1 2 3 -- 4 6 -- 8 9 -- Question 10 (6 points) 10 11 12 A new technology allows users to bypass Wi-Fi security and use any network they -- -- want. However, if too many people use the same Wi-fi network, network speed will slow significantly. In this scenario: 13 14 -- -- a. In this scenario, is Wi-Fi excludable? Explain. b. In this scenario, is Wi-Fi rival in consumption? Explain. Quiz Information c. Is Wi-fi a public good? Explain. A 1 83.F Q Search ENG 8:20 PM Mostly sunny US 7/28/2023M Impor 2 Post A Word Sign . D21 Fir X 2 Launch Order 0 Mail- Word w Modu Presel w Docur S Estelle Beaut New 1 Transe myTra @ (65) B MyW| New1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:53:46 remaining X Page 1: Question 11 (4 points) 1 2 3 Use the table below to answer the questions: -- Quantity Quantity Quantity 4 6 Price Supplied (Private Supplied (Social Demanded -- Cost only) Cost) 19,000 $50 12,000 6000 8 9 14,000 $55 14,000 7500 -- -- 9000 $60 17,000 9000 10 11 12 5000 $65 20,000 11,000 -- -- 1000 $70 24,000 14,000 (a) Find the equilibrium price, assuming sellers ignore negative externalities. 13 14 -- -- (b) Find the equilibrium quantity, assuming sellers ignore negative externalities. Quiz Information (c) Find the optimal price, including external costs. (d) Find the optimal quantity, including external costs. 1 83.F Q Search ENG 8:20 PM Mostly sunny US 7/28/2023