« previous next »

Author Question: Assuming a homogeneous product, the Bertrand equilibrium price is A) independent of the number of ... (Read 52 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?

There are 60,000 miles of blood vessels in every adult human.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Vampire bats have a natural anticoagulant in their saliva that permits continuous bleeding after they painlessly open a wound with their incisors. This capillary blood does not cause any significant blood loss to their victims.

Isotopes may be stable or radioactive depending on the arrangement and number of neutrons in the nuc Isotopes may be stable or radioactive depending on the arrangement and number of neutrons in the nuc
The distribution of cones and rods over the human retina. The figure illustrates the number of cones ... The distribution of cones and rods over the human retina. The figure illustrates the number of cones ...
Importance of Considering Gestalt Principles in Product Design Importance of Considering Gestalt Principles in Product Design
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
Number of Mutations Associated with Specific Forms of Cancer Number of Mutations Associated with Specific Forms of Cancer
Number writing practice 1-30 kindergarten Number writing practice 1-30 kindergarten
Video: Stroke volume - preload, sarcomere length and Frank -Starling law

For a complete list of videos, visit our video library