« previous next »

Author Question: Assuming a homogeneous product, the Bertrand equilibrium price is A) independent of the number of ... (Read 77 times)

javeds

  • Hero Member
  • *****
  • Posts: 570
on: Jul 1, 2018
Assuming a homogeneous product, the Bertrand equilibrium price is
 
  A) independent of the number of firms.
  B) independent of the firm's marginal costs.
  C) equal to the Cournot equilibrium price.
  D) equal to the monopoly price.

Question 2

Suppose the labor market is competitive, the supply curve of labor is upward sloping, and the amount of capital is fixed. If the output market changes from a competitive market to a monopoly, what is the effect on its demand for labor? Explain.
 
  What will be an ideal response?
Microeconomics ¦ Perloff ¦ 8th Edition
Buy Test-Bank


InfiniteSteez

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

A monopoly will decrease output from the competitive level and thus hire fewer workers. This reduction in the demand curve for labor will result in lower wages.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Some mangrove islands in the Florida Keys, which number in the thousands, are convenient places to t Some mangrove islands in the Florida Keys, which number in the thousands, are convenient places to t
Young adulthood brings the greatest number of role transitions and highest levels of demands than ... Young adulthood brings the greatest number of role transitions and highest levels of demands than ...
Geese continued to follow a human around assuming their actual mothers Geese continued to follow a human around assuming their actual mothers
The relationship between the number of stem cell divisions in the lifetime of a given tissue and the The relationship between the number of stem cell divisions in the lifetime of a given tissue and the
Mendel’s test cross to verify independent assortment Mendel’s test cross to verify independent assortment
Number line (5 - 1) Number line (5 - 1)
Video: hGH, Thyroid hormones & Aldosterone

For a complete list of videos, visit our video library