This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Refer to Figure 15-12. What is the amount of consumer surplus if, instead of monopoly, the industry ... (Read 48 times)

Charlie

  • Hero Member
  • *****
  • Posts: 640
on: Jun 29, 2018
Refer to Figure 15-12. What is the amount of consumer surplus if, instead of monopoly, the industry was organized as a perfectly competitive industry?
 
  A) 21 B) 124 C) 186 D) 332

Question 2

A perfectly competitive wheat farmer in a constant-cost industry produces 3,000 bushels of wheat at a total cost of 36,000. The prevailing market price is 15. What will happen to the market price of wheat in the long run?
 
  A) The price falls to 12.
  B) The price rises above 15.
  C) The price remains constant at 15.
  D) There is insufficient information to answer the question.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

honnalora

  • Sr. Member
  • ****
  • Posts: 325
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

A


Charlie

  • Member
  • Posts: 640
Reply 2 on: Jun 29, 2018
:D TYSM

frankwu0507

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th
Evaluation of a child for cystic fibrosis with a sweat chloride test. Sweat is being collected under Evaluation of a child for cystic fibrosis with a sweat chloride test. Sweat is being collected under
How Orbital Eccentricity Changes the Amount of Solar Radiation Earth Receives How Orbital Eccentricity Changes the Amount of Solar Radiation Earth Receives
Kyoto Protocol encourages industry to innovate and reduce the level of emissions Kyoto Protocol encourages industry to innovate and reduce the level of emissions
Main mechanism of carbon dioxide transport and exchange. A lesser amount of CO2 travels to the lungs Main mechanism of carbon dioxide transport and exchange. A lesser amount of CO2 travels to the lungs
Figure 2.15.jpg Figure 2.15.jpg
Video: Role of ATP in muscle movement

For a complete list of videos, visit our video library