There are 4 market structures: Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly
1. Although market structures vary widely in their characteristics, what is one common aspect among all of them?
2. In the long run, which market structures are likely to have their average cost curve just sit on top of their demand curve? What does this imply for each market structure? Are there any differences in the market structures you gave in your previous answer?
3. What market structure(s) are likely to cause a net loss to societal welfare?
3. Suppose the demand and supply equations are as follows: QD = 350 - 1/2 Px Qs, = 3Px a. Compute the equilibrium price and quantity and draw the demand and supply curves. b. Compute consumer surplus (CS) and producer surplus (PS) at equilibrium. c. Explain what the values of CS and PS represent.Utilitarianism is: A theory from moral philosophy that argues that an act is right if it serves to maximize the attainment of human satisfaction. OA theory from moral philosophy that argues that profit and financial well-being are important parts of evaluating an ethical situation and should not be ignored or dismissed. A theory from moral philosophy that argues that we should always choose the action that will best benefit us as individuals Question 4 2.5 pts The author, Kelman, analyzes cost-benefit analysis through the lens of ethical theory. He argues for three conclusions. Which of the following IS NOT one of Kelman's conclusions? O In areas of environmental, safety. and health regulation, there may be many instances where a certain decision might be right even though its benefits do not outweigh its costs. Of Given the reasons why it is problematic to monetize non-marketed benefits or costs that is a prerequisite for cost-benefit analysis, it is not justifiable to devote major resources to the generation of data for cost-benefit calculations or to undertake efforts to further promote cost-benefit analysis. Getting decision-makers to make more use of cost-benght techniques is important enough to warrant both the expense required to gather the data for improved cost-benefit estimation and the political efforts needed to give the activity higher priority compared to other activities, (): There are good reasons to oppose efforts to put dollar values on on-marketed benefits and costs,6. All economies have goods markets, factor (e.g. labour) markets and money markets. Prices serve to co-ordinate the potentially millions of consumers and thousands of firms such that, in the words of Thomas Nechyba, "spontaneous order" in the economy is achieved. Discuss the role that markets and prices play in answering the 'three fundamental questions of economics': What to produce? How to produce it? and For Whom it is produced? Also, how does the First Welfare Theorem relate to how markets and prices function? (7 marks)68. The fundamental unit of matter is the sugar molecule. A. True B.False 69. Ecosystem boundaries are usually defined by easily identifiable demarcations. A. True B.False 70. Environmental science is an interdisciplinary area of study that deals with all of the follo except A. politics. B. economics. C. ethics. D. All of these are correct. 71. Damming water changes its quantity and not its quality. A. True B.False 72. Evaluate the ratio [H+] at pH 3 / [H+] at pH 7. A. 0.0001 B. 0.001 C. 0.429 D. 10.000
