Question 1 1 pts Suppose one firm accounts for 65 percent of the global market share for a product, while 80 other firms account for the remaining 35 percent of the market. Is this market likely to be competitive? O Yes, a competitive market is characterized by having many firms, regardless of size. O No, even with such a large number of buyers and sellers, there must be barriers to entry for this market to stay competitive. Yes, markets are only competitive if there is at least one firm large enough to act as a price setter for all other firms. O No, even though there are many firms in the market, there is one firm large enough to influence the market price. 1 pts Question 2 Wheelies Bicycles is experiencing substantial growth in sales and has decided to hire more employees. However, they are yet to invest in additional equipment. Other things remaining unchanged, what is likely to abort nun? Armit. instructure.com 59% Question 2 1 pts Wheelies Bicycles is experiencing substantial growth in sales and has decided to hire more employees. However, they are yet to invest in additional equipment. Other things remaining unchanged, what is likely to happen to the marginal product of each new worker in the short run? O It will be the same as the previous workers hired, meaning each additional worker will have the same marginal product of labor as the previous one hired. O It will be increasing at a decreasing rate, meaning each additional worker will have a lower marginal product of labor than the previous one hired. O It will change cyclically, meaning that it will cycle up and down as more workers are hired. It will be increasing at an increasing rate, meaning each additional worker will have a higher marginal product of labor than the previous one hired. 4 pts Question 3 You are given the following information about the Bradford paperclip factory's short-run 4 pis You are given the following information about the Bradford paperclip factory's short-run costs. Quantity Total Fixed Cost Total Variable Cost Total Cost 120 120 120 140 120 170 120 120 120 120 90 160 200 210 280 320 270 390 Given the table above, the average total cost of producing 4 units is $ [Select] Select) The marginal cost of producing unit 6 is $ The marginal cost of producing unit 3 is (Select] the average total cost of producing 3 units. This means that producing unit 3 causes the average total cost to [Select] 1 pts Question 4 to [Select] Question 4 1 pts Anjan earns $50,000 per year from working as a self-employed painter. However, he is qualified to work as a university lecturer, where he could earn $90,000 per year. Ahmed earns $80,000 per year from his online gaming business. Rob has no qualifications and could not earn a higher wage elsewhere. Anjan's economic profit is higher than Ahmed's. O True False 1 pts Question 5 are pranisations experience diseconomies of scale because they are to expensive to run o g tidll Ahmed's. True O False Question 5 1 p Large organisations experience diseconomies of scale because they are to expensive to run. True O False Submit al No new data to save. Last checked at 18:41 actions