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please have the question number along with the answer and short explantion to support the answer thank you so much QUESTION 13 If a price-taking

please have the question number along with the answer and short explantion to support the answer thank you so much

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QUESTION 13 If a price-taking firm's production function is given by q = v 4/, its profit function is given by: O a. W O b. 2p2 W O c. p- 2w O d. 4p2 W QUESTION 14 Which of the following IS a technical barrier to entry in a monopolized market? O a. Industry law. O b. A patent. C. A low cost method of production known only by monopolists O d. Government regulation.QUESTION 15 In a Cournot equilibrium, each firm chooses an output level which: O a. maximizes revenue given what the other firms produce. O b. maximizes joint profits. O C. maximizes the price received. O d. maximizes profits given what the other firms produce. QUESTION 16 If a 1.5 percent increase in price leads to a 1.4 percent increase in quantity supplied, the short-run supply curve is: O a. inelastic. O b. unit elastic. O C. elastic. O d. perfectly inelastic.QUESTION 19 Consider a version of the Tragedy of the Commons in which herder 1 and 2 simultaneously choose to graze quantities of sheep q, and q2 , respectively. If herder I's payoff function is 91(60-91 -92), his or her best response function is: O a. g, = 60- 42 2 O b. 91 = 30 - - 92 2 Ocg, = 30 - 2 91 O d.91 = 60- 92. QUESTION 20 The Nash equilibrium of the Cournot game in which two identical firms face market demand P(Q) = 80-20 and have costs C(q,) = 409, is given by 91 = 92 =: O a. 70 3 O b. 80 3 O c. 20 3 O d. 50 3

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