. 6. Suppose that the marginal cost of producing cottonseed meal is $170 per ton. If the...
Fantastic news! We've Found the answer you've been seeking!
Question:
.
Transcribed Image Text:
6. Suppose that the marginal cost of producing cottonseed meal is $170 per ton. If the cottonseed oil industry is perfectly competitive and in long run equilibrium, then the average total cost of producing cottonseed oil: A. is less than $170 per ton. B. is equal to $170 per ton. C. is greater than $170 per ton. D. cannot be determined. 7. A significant difference between monopoly and perfect competition is that: A. free entry and exit is possible in a monopolized industry but impossible in a competitive industry. B. competitive firms control market supply, but monopolies do not. C. the monopolist's demand curve is the industry demand curve, while the competitive firm's demand curve is perfectly elastic. D. profits are driven to zero in a monopolized industry, but may be positive in a competitive industry. 6. Suppose that the marginal cost of producing cottonseed meal is $170 per ton. If the cottonseed oil industry is perfectly competitive and in long run equilibrium, then the average total cost of producing cottonseed oil: A. is less than $170 per ton. B. is equal to $170 per ton. C. is greater than $170 per ton. D. cannot be determined. 7. A significant difference between monopoly and perfect competition is that: A. free entry and exit is possible in a monopolized industry but impossible in a competitive industry. B. competitive firms control market supply, but monopolies do not. C. the monopolist's demand curve is the industry demand curve, while the competitive firm's demand curve is perfectly elastic. D. profits are driven to zero in a monopolized industry, but may be positive in a competitive industry.
Expert Answer:
Answer rating: 100% (QA)
6 C is greater than 170 per ton Explanation The marginal cost of production is th... View the full answer
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Posted Date:
Students also viewed these mathematics questions
-
The Evolution of the Fashion Industry: Consider the market for clothes and suppose there exist 100 different styles that can be produced and can be arranged (and equally spaced) on a circle. Among...
-
In exercise 27.3, we considered some ways in which we can differentiate between goods that lie in between the extremes of pure private and pure public goods. A: Consider the case where there is a...
-
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market...
-
Explain in detail the role of data analytics in healthcare.
-
What factors make managing inventory more difficult for exporters and multinational companies?
-
Evaluate each definite integral in Problems 15-20. Use Table II on pages 926-928 to find the and derivative. Vx16 dx
-
Open systems theory suggests that the external environment affects a companys ability to function. Identify any similarities between the contingency approach and open systems theory.
-
The following types of internal controls are commonly used by organizations for property, plant, and equipment: 1. A fixed asset master file is maintained with a separate record for each fixed asset....
-
Quality Motor Company established the standard labor cost for a motor tune - up shown below: Standard Hours Standard Rate Standard Cost Motor tune - up 2 . 5 0 $ 3 6 . 0 0 $ 9 0 . 0 0 The record...
-
Case: Replacement Decisions Falconville Pump Company, Inc. Brandon Joiner, president and chief executive officer of Falconville Pump Company, Inc., has a potentially serious problem on his hands. The...
-
You are a union organizer for CUPE - the Canadian Union of Public Employees - and have recently been contacted by members of a local college interested in unionizing. What advice
-
1.The rate of return on a bond is 3.4%, the modified duration of the bond is 4.44, and the bond term is 5 years.What must be the current interest rate? 2.The term on a bond is 10 years, the modified...
-
What should total employee\'s remittance to CRA be if the withholding are as follows: EI = $300 CPP = $500 Income Tax = $800
-
Let f(x) = 2e cos(x). (a) Find f'(x) and f'(x). f'(x) = f"(x) =
-
If you had to explain the term algorithm to an elementary school student, how would you do it? Can you give an example of an algorithm that the elementary student would know and care about? Besides...
-
A friend loans you $300 and asks you to pay them back $325 in 6 months. What annual interest rate are they charging you? Your parents have a collage saving account which earns 7% interest, compounded...
-
Can I get an original answer? Reflect on your experience in this course (strategic management). Why is strategic innovation, Operational efficiency, and incorporating sustainable practices the most im
-
A stock has had returns of 8 percent, 26 percent, 14 percent, 17 percent, 31 percent, and 1 percent over the last six years. What are the arithmetic and geometric average returns for the stock?
-
Suppose you have an income of $100 to spend on goods x1 and x2. A. Suppose that you have homothetic tastes that happen to have the special property that indifference curves on one side of the 45...
-
Increased Liquidity, Procrastination and National Savings: Over the past few decades, increasingly sophisticated financial investment possibilities have enabled individuals to place their savings...
-
A: Suppose the production process for a firm is homothetic and has decreasing returns to scale. (a) On a graph with labor on the horizontal and capital k on the vertical axis, draw an isoquant...
-
Plaka Corporation sold $800,000 of 12 percent, ten-year bonds at face value on September 1, 20xx. The issue date of the bonds was May 1, 20xx. 1. Record the sale of the bonds on September 1 and the...
-
Charles, Inc., has a $700,000, 8 percent bond issue that was issued a number of years ago at face value. There are now ten years left on the bond issue, and the market interest rate is 16 percent....
-
Agard Techtronics, Inc., is authorized to issue $3,600,000 in bonds on June 1. The bonds carry a face interest rate of 9 percent, which is to be paid on June 1 and December 1. Prepare entries in...
Study smarter with the SolutionInn App