Please help no need to give long answers just need to be donw with in 30 minutes

Question

Please help no need to give long answers just need to be donw with in 30 minutes Thanks!!!

Reference: Ref 15-8

Look at the above figure. Which of the panels, a, b and c, represents the long run equilibirum of a monopolistically competitive firm?

Question 25 options:

panel (a)

panel (b)

panel (c)

panels (a), (b), and (c)

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Question 26 (1 point)

The downward-sloping demand curve for a monopolistically competitive firm:

Question 26 options:

reflects product differentiation.

eventually will become perfectly elastic as more firms enter.

indicates collusion among firms in the industry.

ensures that the firm will produce at minimum average cost in the long run.

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Question 27 (1 point)

Which of the following is NOT a characteristic of monopolistic competition?

Question 27 options:

product differentiation

lack of barriers to entry and exit in the long run

many competing producers

tacit collusion

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Question 28 (1 point)

A characteristic of a monopolistically competitive industry is:

Question 28 options:

a product with no close substitutes.

a horizontal demand curve.

a large number of firms.

barriers to entry and exit.

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Question 29 (1 point)

In the long run, monopolistically competitive firms tend to have:

Question 29 options:

high economic profits.

zero economic profits.

negative economic profits.

substantial economic losses.

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Question 30 (1 point)

Reference: Ref 15-8

Look at the above figure. Which of the panels, a, b and c, represents a monopolistically competitive firm, in the short run, earning a loss?

Question 30 options:

(a)

(b)

(c)

None of the panels shows a loss in the short run.

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Question 31 (1 point)

In the U.S. a factor that has been linked with the rise of income inequality is the:

Question 31 options:

decrease in households headed by single women.

reduction in the percentage of the population over age 65.

increase in immigration.

slowdown in technological change.

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Question 32 (1 point)

Based on the amount of money paid by the United States government, which one of the following United States welfare programs is the biggest?

Question 32 options:

food stamps

unemployment insurance

Medicare

Social Security

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Question 33 (1 point)

In the United Sates, which of the following welfare programs is a monetary benefit and which at the same time is not means tested?

Question 33 options:

Earned Income Tax Credit

Social Security

food stamps

Medicaid

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Question 34 (1 point)

In the U.S. a factor that has been linked with the rise of income inequality is the:

Question 34 options:

the growth in technology.

the reduction in the percentage of the population over the age of 65.

the smaller gap between the wages of skilled and unskilled workers.

affirmative action programs.

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Question 35 (1 point)

In terms of contribution to total income in the United States, the single most important factor of production is:

Question 35 options:

capital.

labor.

natural resources.

entrepreneurship.

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Question 36 (1 point)

Manufactured resources such as equipment, buildings, and tools are also known as:

Question 36 options:

human capital.

labor.

physical capital.

natural resources.

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Question 37 (1 point)

If a company hires labor such that wages are less than the value of marginal product of labor, then profit:

Question 37 options:

is maximized.

can be increased by hiring less labor.

can be increased by hiring more labor.

can be increased by increasing the wage.

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Question 38 (1 point)

To maximize profits, a firm will employ workers until for the last worker employed:

Question 38 options:

marginal product of labor is equal to the nominal wage rate.

the value of the marginal product of labor is equal to the wage rate.

the value of the marginal product of labor is equal to the price per unit of output.

the value of the marginal product of labor is as high as possible.

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Question 39 (1 point)

The more work people do, all other things unchanged, the:

Question 39 options:

more their free time.

greater their nonmarket use of time.

less income they have.

less leisure they have.

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Question 40 (1 point)

A company's demand curve for labor could shift because of:

Question 40 options:

a decrease in the wage rate.

an increase in the wage rate.

changes in preferences and the cultural norms that define how much we work.

a change in the product's price.

panel (a)

panel (b)

panel (c)

panels (a), (b), and (c)

Explanation / Answer

25. Look at the above figure. Which of the panels, a, b and c, represents the long run equilibirum of a monopolistically competitive firm?

Ans:- Panel (a)

26. The downward-sloping demand curve for a monopolistically competitive firm:

Ans: reflects product differentiation.

27. Which of the following is NOT a characteristic of monopolistic competition?

Ans:- tacit collusion

28. A characteristic of a monopolistically competitive industry is:

Ans:- All the three are the characteristic of monopolistically competitive industry except barriers to entry and exit

29. In the long run, monopolistically competitive firms tend to have:

Ans:- zero economic profits

30. Look at the above figure. Which of the panels, a, b and c, represents a monopolistically competitive firm, in the short run, earning a loss?

Ans:- None of the panels shows a loss in the short run

31. In the U.S. a factor that has been linked with the rise of income inequality is the:

Ans:- slowdown in technological change

32. Based on the amount of money paid by the United States government, which one of the following United States welfare programs is the biggest?

Ans:- Social Security

33. In the United Sates, which of the following welfare programs is a monetary benefit and which at the same time is not means tested?

Ans:- Social Security

34. In the U.S. a factor that has been linked with the rise of income inequality is the:

Ans:- the growth in technology

35. In terms of contribution to total income in the United States, the single most important factor of production is:

Ans:- entrepreneurship

36. Manufactured resources such as equipment, buildings, and tools are also known as:

Ans:- Physical Capital

37. If a company hires labor such that wages are less than the value of marginal product of labor, then profit:

Ans:- can be increased by hiring more labor.

38. To maximize profits, a firm will employ workers until for the last worker employed:

Ans:- marginal product of labor is equal to the nominal wage rate.

39. The more work people do, all other things unchanged, the:

Ans:- less leisure they have.

40. A company's demand curve for labor could shift because of:

Ans:- an increase in the wage rate.

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