solved: QUESTION 31 When there are many buyers and sellers of a good and…


QUESTION 31 When there are many buyers and sellers of a good and… QUESTION 31When there are many buyers and sellers of a good and the product sold is identical across firms: Athe demand curve for each firm’s output is perfectly elastic. Bthe industry demand curve is perfectly elastic. Cthe demand curve for each firm’s output is perfectly inelastic. Dthe industry demand curve is perfectly inelastic.1 points   QUESTION 32What is the Invisible Hand Property 1? ACentral planners can achieve lower costs of production than self-interested profit-seeking firms. BIn a free market, the total costs of producing output are minimized because each firm produces up to the point where P=MC. CFirms enter industries whenever P>AC. DFirms shut down whenever revenues are insufficient to cover variable costs.1 points   QUESTION 33Which one would NOT be considered a network good? ASnapchat BFacebook CGmail DInstagram1 points   QUESTION 34Which of the following is NOT a reason why cartels collapse? Acheating by the cartel members Bnew entrants and demand response Cgovernment prosecution Dincreasing production costs1 points   QUESTION 35In 2018, the Ford Motor Company announced it would discontinue production of most of its current models in favor of a more profitable production of SUVs.  This reflects the principle of: Athe minimization of total costs of production. Bthe balance of industries. Ccreative destruction. Dthe invisible hand.1 points   QUESTION 36OPEC is a(n) _____ of oil-exporting countries. Acartel Bgroup Cmonopoly Doligopoly1 points   QUESTION 37Which goods represent network goods? APepsi, toilet paper, headphones Bcalculator, oven, couch CTwitter, Microsoft Excel, Facebook Dfireworks, lighthouse, swimming pool1 points   QUESTION 38Multiple products can thrive in a network industry when: Athe government decides to allow multiple products. Bconsumers don’t care about coordination at all. Cthere are multiple niches to fill; each product can dominate one niche. Dcompetitors all go after the same niche.1 points   QUESTION 39Implicit costs: Ashould not be considered in the profit-maximizing decision. Bshould be inlcuded in costs when profit maximizing. Care not important to economists. Dare always unknown to firms.1 points   QUESTION 40Competitive firms want to enter industries in which: AP=MC BPAC DP

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