Price A 8 D Q1 Q2 Quantity Refer to the graph shown, which depicts a monopolistically competitive firm. According to the graph, this monopolistically competitive industry is currently: not in long-run equilibrium, and we would expect more firms to enter this industry. O not in long-run equilibrium, and we would expect some firms to exit this industry. Oin long-run equilibrium, and so the number of firms will remain unchanged. O in short-run equilibrium with economic profit equal to zero.Budweiser and Jack Daniels' Whiskey: % change in demand for Budweiser = 5% % change in price of Heineken = 10% Refer to the following information above regarding two goods. Based on the cross- price elasticity of the two goods would regulators consider the goods to be in the same market? O No, because the cross price elasticity is 0.5, which means the goods are not considered to be substitutes in the same market. Yes, because the cross price elasticity is 0.5, which means the goods are considered to be substitutes in the same market. O Yes, because the cross price elasticity is 0.5, which means the goods are considered to be complements in the same market. Yes, because the cross price elasticity is 0.5, which means the goods are not considered to be substitutes in the same market.If once vaccinated, a person cannot catch a cold or give a cold to someone else, the marginal social benefit resulting from consumption of the vaccine: O equals the marginal social cost of producing the vaccine in a competitive equilibrium. O equals the marginal benefit received by consumers of the vaccine in a competitive equilibrium. is less than the marginal benefit received by consumers of the vaccine. O exceeds the marginal benefit received by consumers of the vaccine.0 QO Number of vaccinations O lie above the market demand curve. coincide with the market demand curve. Olie below the market demand curve. O lie strictly below the market supply curve.Refer to the graph shown, which shows the demand and supply for a new vaccine against the common cold. Suppose once vaccinated, a person cannot catch a cold or give a cold to someone else. As a result, the marginal social benefit curve will: Price S PO | - - - D O QOP4 - -. D1 . .... D2 Q1 Q2 Q3 Q4 Q5 Quantity D1 is the relevant demand curve. it probably will lower price, since doing so will increase sales. O it probably won't lower price, since the percentage decline in price will exceed the percentage increase in quantity sold. )the demand curve used by the firm for decision making is highly elastic.Refer to the graph shown. If a firm operating as if it were faced with a kinked demand curve believes that if it lowers price from P2 to P4, its rival will match the price cut: Price P1 P2 P4 ... D1 D2 Q1 Q2 Q3 Q4 Q5 QuantityWhat can we say about the income effect along a labor supply curve as wages rise? O C) Leisure is an inferior good. Therefore, as wages rise, the income effect dictates that the quantity of leisure demanded decreases. ( B) Leisure is a complement to work. Therefore, as wages rise, the income effect dictates that the quantity of leisure demanded decreases. D) Leisure is a normal good. Therefore, as wages rise, the income effect dictates that the quantity of leisure demanded increases. A) Leisure is an inferior good. Therefore, as wages rise, the income effect dictates that the quantity of leisure demanded increases.urses/38527/quizzes/230125/take 500 20 30 60 90 110 Throughout this supply curve we can make the following statement: The income effect dominates the substitution effect. The income effect dominates the substitution effect because yearly income is below target income. The substitution effect dominates the income effect because yearly income is above target Income. The substitution effect dominates the income effect. The income effect dominates the substitution effect only from point C to D. O The substitution effect dominates the income effect only from point A to B.\f323 23.65 7,638.95 39.75 23.85 324 23.70 7,678.80 39.85 23.80 325 23.75 7,718.75 39.95 23.75 326 23.80 7,758.80 40.05 23.70 Question: If this were a perfectly competitive labor market, how many workers would get hired and what would the wage be? Number of workers hired: 217 Wage: $18.35 Number of workers hired: 211 Wage: $18.05 Number of workers hired: 322 Wage: $23.60 Number of workers hired: 325 Wage: $23.75Utilize the following table, which details a monopsonistic employer, to answer the following question: (Note: W=AFC=TFC/Q=Labor Supply Curve) Q W TFC MFC MRP 210 18.00 3,780.00 28.45 29.50 211 18.05 3,808.55 28.55 29.45 212 18.10 3,837.20 28.65 29.40 213 18.15 3,865.95 28.75 29.35 214 18.20 3,894.80 28.85 29.30 215 18.25 3,923.75 28.95 29.25 216 18.30 3,952.80 29.05 29.20 217 18.35 3,981.95 29.15 29.15 218 18.40 4,011.20 29.25 29.10 219 18.45 4,040.55 29.35 29.05 322 23.60 7,599.20 39.65 23.90 323 23.65 7,638.95 39.75 23.85 324 23.70 7,678.80 39.85 23.80 825 23.75 7,718.75 39.95 23.75 326 23.80 7,758.80 40.05 23.70 Questions I this were a perfectly competitive labor market how many workers would get hired and what would the wade be?216 18.30 3,952.80 29.05 29.20 217 18.35 3,981.95 29.15 29.15 218 18.40 4,011.20 29.25 29.10 219 18.45 4,040.55 29.35 29.05 322 23.60 7,599.20 39.65 23.90 323 23.65 7,638.95 39.75 23.85 324 23.70 7,678.80 39.85 23.80 325 23.75 7,718.75 39.95 23.75 326 23.80 7,758.80 40.05 23.70 Queation Suppose that workers unionize and successfully negotiate a $29 50 vage with the monopsonistic employer Compared to a case where there is no union, what is the change in the number of workers hired with a union negotating against the monopsonist? O The total number of workers hired will be reduced by 2 workers when a union is negotiating against a monopsonist. 106 additional workers will be hired when there is a union negotiating against the monopsonist. The total number of workers hired will be reduced by 7 workers when a union is negotiating against a monopsonist. 110 additional workers will be hired when there is a union negotiating against the monopsonist.Lilit (Player 2) Raffi's Place El Sauz Raffi's Place 1, 1 0, 0 Gevorg (Player 1) El Sauz 0, 0 1, 1 What is Lilit's best strategy? O None of the available answers is correct. Go to El Sauz. Stay at home. O Lilit has no best strategy. Go to Raffi's place.Question: Why is the Nash equilibrium point, , considered a Prisoner's Dilemma? O The collective and individual outcomes at the Nash equilibrium point, , are worse than the "cooperative" strategies of . In this specific instance, Sandra loses out on $50,000 and Roy loses out on $25,000 in accounting profits. The collective and individual outcomes at the Nash equilibrium point, , are worse than the "cooperative" strategies of . In this specific instance, Sandra loses out on $50,000 and Roy loses out on $75,000 in accounting profits. None of the available answers is correct. It is considered a Prisoner's Dilemma because the "cooperative" strategy of acquiring the F- 150, has a worse payoff than when both players get the Model X. The collective and individual outcomes at the Nash equilibrium point, are worse than the "cooperative" strategies of . In this specific instance, Sandra and Roy lose out on $25,000 because they both don't get the F-150.In this situation, the pool of potential customers in the real estate market that Sandra and Roy are competing for is fixed. The payoffs in each cell represent the accounting profits (in thousands) for selling real estate in the local market. Roy F-150 Model X F-150 125, 125 50, 50 Sandra Model X 200, 50 100, 100Pri $1.40 MC ATC $1.00 $0.95 $0.85 $0.60 MR D 0 300 900 900 1000 Quantity The profits earned by the monopolistically competitive firm represented in the graph above equal: $15. O $120. $0. $45.Price MC ATC MR D abcd Quantity The firm's profit-maximizing price in the graph above is: Of. Oh. O c.Quantity Price of Demanded laptops per Year 1250 25 1000 50 750 75 500 100 250 125 Refer to the table shown, which shows the demand schedule for a firm that has a monopoly on the sale of laptops. If the firm were to set the price of computers at $500: O marginal revenue would be positive. O it would maximize profits. O marginal revenue would be negative. the demand for computers would be elastic.12 Demand 10 NOW C ATC MC MR 8 8 8 350 200 1000 Quantity If the monopolist, depicted in the graph above, were forced to set price equal to marginal cost, in the long run it probably would: O charge a price of $12.00. O charge a price of $3. O charge a price of $2. stop producing.Quantity Price of Demanded laptops per Year 1250 25 1000 50 750 75 500 100 250 125 Refer to the table shown, which shows the demand schedule for a firm that has a monopoly on the sale of laptops. If the monopolist is currently producing 100 laptops per year and it seeks to maximize profit, it should: continue producing 200 units per year. increase output. decrease output. O lower the price of laptopsNike shoes and Wolverine Hiking Boots: % change in demand for Nike = 1% % change in price of Wolverine Hiking Boots = 50% Refer to the following information above regarding two goods. Based on the cross- price elasticity of the two goods would regulators consider the goods to be in the same market? O Yes, because the cross price elasticity is .02, which means the goods are not considered to be substitutes in the same market Yes, because the cross price elasticity is .02, which means the goods are considered to be complements in the same market. Yes, because the cross price elasticity is .02, which means the goods are considered to be substitutes in the same market. No. because the cross price elasticity is .02, which means the goods are not considered to be substitutes in the same market.Company Market Share Toshiba 25% Dell 20% HP 18% Sony 10% Refer to the table above, which details laptop firms' market shares. Based on the Herfindahl Index (HHI) for the laptop market would the Justice Department allow a merger between Sony and Dell? Yes, because the HHI was below 1800 before the merger No, because the HHI was below 1800 before the merger No. because the HHI was below 1800 before the merger and the HHI increases by more than 100 Yes. because the HHI was below 1800 before the merger and the HHI increases by more than 100Budweiser and Heineken: % change in demand for Budweiser = 40% % change in price of Heineken = 10% Refer to the following information above regarding two goods. Based on the cross- price elasticity of the two goods would regulators consider the goods to be in the same market? Yes, because the cross price elasticity is 4, which means the goods are considered to be complements in the same market. Yes, because the cross price elasticity is 4. which means the goods are considered to be substitutes in the same market. Yes. because the cross price elasticity is 4. which means the goods are not considered to be substitutes in the same market. No. because the cross price clasticity is 1. which means the goods are not considered to be substitutes in the same market