Author Question: Refer to Figure 13-12. If the diagram represents a typical firm in the designer watch market, what ... (Read 186 times)

erika

  • Hero Member
  • *****
  • Posts: 522
Refer to Figure 13-12. If the diagram represents a typical firm in the designer watch market, what is likely to happen in the long run?
 
  A) The firms that are making losses will be purchased by their more successful rivals.
  B) Inefficient firms will exit the market and new cost-efficient firms will enter the market.
  C) Firms will have to raise their prices to cover costs of production.
  D) Some firms will exit the market causing the demand to increase for firms remaining in the market.

Question 2

Refer to Table 12-3. What price (P) will Arnie charge and how much profit will he earn if the market price of basketballs is 12.50?
 
  A) Price and profit cannot be determined from the information given.
  B) P = 12.50; profit = 22.50
  C) P = 12.50; profit = 52.50
  D) P = 20; profit = 75.00.



jsm54321

  • Sr. Member
  • ****
  • Posts: 328
Answer to Question 1

D

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Did you know?

Anti-aging claims should not ever be believed. There is no supplement, medication, or any other substance that has been proven to slow or stop the aging process.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

For a complete list of videos, visit our video library