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with out explination direct onswers

Micro Economics nicole owns a small pottery factory. she can make 1,000 pieces of pottery per year and sell them for 100 each. it costs nicole 20,000 for the raw materials to produce the 1,000 pieces of pottery. she has invested 100,000 in her factory and equipment: 50,000 from her savings and 50,000 borrowed at 10 per cent. (assume that she could have loaned her money out at 10 per cent, too.) nicole can work at a competing pottery factory for 40,000 per year. the accounting profit at nicoles pottery factory is O 80000 O 75000 O 60000 O 55000 2. externalities O can be reflected by market prices, so they are source of economic inefficiency. O cannot be reflected by market prices, so they are source of economic inefficiency O can be reflected by market prices, so they are source of economic efficiency O can or cannot be reflected by market price but do not have any impact on economic efficiency in any case 3. which of the following forms of market organization assumes that entry and exit of firms is costless? O monopoly O perfect competition O oligopoly O differentiated oligopoly 4. refer to the figure1, due to price floor of p3, what can be said about total social welfare O social welfare has increased O social welfare is same as before O social welfare has decreased by the area c+e O social welfare has decreased by the area b+d+e+f 5. technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to O increase total revenue to farmers as a whole because the demand for food is elastic. O increase total revenue to farmers as a whole because the demand for food is inelastic. O reduce total revenue to farmers as a whole because the demand for food is elastic. O reduce total revenue to farmers as a whole because the demand for food is inelastic.▼ Micro Economics which of the following is illegal? O price discrimination O collusion O monopoly O interlocking directorates 1. which of the following statements is a positive statement? O bankers bonuses should be taxed. O the eurozone ought to allow member countries in difficulty to stop using the euro and use currencies of their own 2. instead O one of the largest industries in the uk is the financial services industry the uk government ought to split up some of the largest uk banks to promote more competition in the banking industry 3 if isoquants are plotted on a graph with capital measured on the vertical axis and labor on the horizontal axis, then an increase in the wage rate will cause the isocost line O to become steeper and the optimal quantity of labor will decrease O to become steeper and the optimal quantity of labor will increase O to become flatter and the optimal quantity of labor will decrease O to become flatter and the optimal quantity of labor will increase in the long run, if a very small factory were to expand its scale of operations, it is likely that it would initially experience O an increase in average total costs. O diseconomies of scale O economies of scale O constant returns to scale 4. 5. a monopoly is able to continue to generate economic profits in the long run because O potential competitors sometimes dont notice the profits. O there is some barrier to entry to that market. O the monopolist is financially powerful O antitrust laws eliminate competitors for a specified number of years.Micro Economics 1. which of the following would cause a demand curve for a good to be price inelastic? O the good is a luxury O there are a great number of substitutes for the good. O the good is a necessity O none of these answers which of the following forms of market organization assumes that entry and exit of firms is costless? O monopoly O perfect competition O oligopoly O differentiated oligopoly 2. 3. in the long run, if a very small factory were to expand its scale of operations, it is likely that it would initially experience O an increase in average total costs. O diseconomies of scale O economies of scale O constant returns to scale a pricing practice that requires buyers to purchase packages of different goods and does not make the goods available separately is called O value pricing. O bundling O two part tariff O skimming 4. a monopoly is able to continue to generate economic profits in the long run because O potential competitors sometimes dont notice the profits. O there is some barrier to entry to that market. O the monopolist is financially powerful O antitrust laws eliminate competitors for a specified number of years. 5.

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