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

Author Question: Suppose that nominal GDP in 2016 was less than real GDP in 2016. Given this information, we know for ... (Read 131 times)

shofmannx20

  • Hero Member
  • *****
  • Posts: 562
on: Jun 29, 2018
Suppose that nominal GDP in 2016 was less than real GDP in 2016. Given this information, we know for certain that
 
  A) real GDP in 2016 was greater than real GDP in the base year.
  B) the price level in 2016 was less than the price level in the base year.
  C) real GDP in 2016 was less than real GDP in the base year.
  D) the price level in 2016 was greater than the price level in the base year.

Question 2

Refer to Figure 15-19 to answer the following questions.
 
  a. What quantity will this monopoly produce and what price will it charge?
  b. Suppose the monopoly is regulated. If the regulatory agency wants to achieve economic efficiency, what price should it require the monopoly to charge?
  c. To achieve economic efficiency, what quantity will the regulated monopoly produce?
  d. Will the regulated monopoly make a profit if it charges the price that will achieve economic efficiency?
  e. Suppose the government decides to regulate the monopoly by imposing a price ceiling of 35. What quantity will the monopoly produce and what price will the monopoly charge?
  f. With the price ceiling of 35, what profit will the monopoly earn?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

tranoy

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

a. Quantity = 835 units and Price = 59.
b. To achieve economic efficiency, the price = 20.
c. The quantity produced = 2,204 units.
d. No, the regulated monopoly will make a loss.
e. If the ceiling price is set at 35, the monopoly will produce a quantity of 1,740 units and charge the ceiling price of 35.
f. The monopoly will break even.


shofmannx20

  • Member
  • Posts: 562
Reply 2 on: Jun 29, 2018
Wow, this really help

vickyvicksss

  • Member
  • Posts: 351
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

Four types of cellular responses to positional information in animals. Four types of cellular responses to positional information in animals.
Urinometer. In this procedure, a urine sample and urinometer are placed within a tube, and the liqui Urinometer. In this procedure, a urine sample and urinometer are placed within a tube, and the liqui
Laboratory Requisition Information Laboratory Requisition Information
The vehicle emissions control information (VECI) sticker is placed under the hood. The vehicle emissions control information (VECI) sticker is placed under the hood.
The Food Label Provides Valuable Consumer Information Manufacturers must adhere to strict labeling The Food Label Provides Valuable Consumer Information Manufacturers must adhere to strict labeling
Suppose a country imports televisions. The country's supply and demand curves are shown in ... Suppose a country imports televisions. The country's supply and demand curves are shown in ...
Video: Bone processes - resorption and deposition, remodeling and response to stress in adult bones

For a complete list of videos, visit our video library