« previous next »

Author Question: Assuming a homogeneous product, the Bertrand equilibrium price is A) independent of the number of ... (Read 79 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?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Changes in chromosome number Changes in chromosome number
Determination of the number of theoretical stages Determination of the number of theoretical stages
Geese continued to follow a human around assuming their actual mothers Geese continued to follow a human around assuming their actual mothers
An 80-g aluminum calorimeter contains 380 g of water at an equilibrium temperature of A piece ... An 80-g aluminum calorimeter contains 380 g of water at an equilibrium temperature of A piece ...
Number 12 Number 12
People with normal color vision see the number 29 in the chart; however, those who are color-blind c People with normal color vision see the number 29 in the chart; however, those who are color-blind c
Video: Pasteur's Experiment

For a complete list of videos, visit our video library