QUESTION 11 - WHATEVER

I need it in 10mins please

11. Professor Mc Closkey argues that

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business profitability requires "cutting corners"

government regulation of safety is key

consumers must always beware of predatory firms

competitive commerce protects us from poor products

12. Barriers to entry are required for a monopolist. Also required is:

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no close substitutes

no close complements

no close inferior goods

no close normal goods

13. According to the Robert Samuelson article, competition

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increases individual and collective security

Decreases individual and collective security

increases individual security and decreases collective security

decreases individual security and enhances collective security

14. According to the Robert Samuelson article, competition

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increases individual and collective security

Decreases individual and collective security

increases individual security and decreases collective security

decreases individual security and enhances collective security

15. Sizable economic profits can persist over time under monopoly if the monopolist

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produces that output where average total cost is at a maximum.

operates as a price taker rather than a price maker.

is protected by barriers to entry.

realizes revenues that exceed variable costs.

16. A firm selling COVID vaccine will receive the most profits if it chooses its quantity where

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price equals marginal cost.

marginal cost equals average cost.

marginal revenue equals total revenue.

profit per unit is greatest.

17. At the profit-maximizing level of output,

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marginal revenue equals average variable cost.

marginal cost equals price.

marginal revenue equals average total cost.

average revenue equals average total cost.

18. In theory, when firms are price takers it implies that if a firm lowers his price

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he's taking a loss now to profit in the future

firms in the industry act like a cartel

buyers will contiune to pay the higher price elsewhere in the short run

buyers will flock to him

19. The Alpha company is a monopolist who would like to produces and sell more. In this case the price of its output

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stays the same.

decreases.

may increase or decrease depending on the price elasticity of demand.

increases.

20. As opposed to price takers, price searchers

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earn positive economic profits in the long run

don't have to worry about other firms entering their market

begin with cost plus pricing

sell at a price less than marginal cost