Which of the following statements is false? Question 4 options: a) Input prices

Question

Which of the following statements is false? Question 4 options:

a) Input prices influence a firm's costs of production.

b) Price determination is the key element in any market system.

c) Output prices influence a firm's revenues.

d) While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control.

2. According to the Wall Street Journal article in the text, all of the following are possible causes of a surplus in the copper market except:

d)substitution away from copper to other materials such as aluminum.

Perfectly competitive firms are said to be small." Which of the following best describes this smallness?"

Question 6 options:

Question 7 (5 points)

Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output?

Question 7 options:

Question 8 (5 points)

The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?

Question 8 options:

Question 9 (5 points)

A decrease in price will result in an increase in total revenue if:

Question 9 options:

Question 10 (5 points)

If electricity demand is inelastic, and electric rates increase, which of the following is likely to occur?

Question 10 options:

a) an increase in mining of lower grade materials. b) steady production uninterrupted by strikes. c) a surge in demand from foreign importers.

d)substitution away from copper to other materials such as aluminum.

Perfectly competitive firms are said to be small." Which of the following best describes this smallness?"

Question 6 options:

a) The individual firm has assets of less than $2 million. b) The individual firm is unable to affect market price through its output decisions. c) The individual firm must have fewer than 10 employees. d) The individual firm faces a downward-sloping demand curve. Save

Question 7 (5 points)

Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output?

Question 7 options:

a) Price> marginal cost. b) Marginal revenue= marginal cost. c) Profit = (AR-ATC) x Q. d) Price = average revenue. Save

Question 8 (5 points)

The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?

Question 8 options:

a) 0.75 b) 25 c) 1.00 d) 0 Save

Question 9 (5 points)

A decrease in price will result in an increase in total revenue if:

Question 9 options:

a) the percentage change in quantity demanded is greater than the percentage change in price. b) the consumer is operating along a linear demand curve at a point at which the price is very low and the quantity demanded is very high. c) the percentage change in quantity demanded is less than the percentage change in price. d) demand is inelastic. Save

Question 10 (5 points)

If electricity demand is inelastic, and electric rates increase, which of the following is likely to occur?

Question 10 options:

a) Quantity demanded will fall by a relatively large amount. b) Quantity demanded will rise in the short run, but fall in the long run. c) Quantity demanded will fall by a relatively small amount. d) Quantity demanded will fall in the short run, but rise in the long run.

Explanation / Answer

1. d is false. because manager can still have a control input cost in materials and labour. With proper preplanning and startegies and decison making input cost can be minimised.

2. a. it has no link with surplus in copper market. as lower grade material suply increase will not connect with increase in supply of copper. its demand doemstically and internationally will determine its supply chain.

b. its small means teh seller does not have a say or cant decide the market price in perfect competition.

7. b. its very clear that in case of monopolist the profit is maximum when the marginal cst is equal to marginal revenue.

8. its a= .75

9. a. if the increse in demand in % is higher than decrease in price in % then the revenue will go up. As price and demand moves in opposite direction in market. They share an inverse relationship.

10. b. qualtity demand will increase in short run but wlll fall in long run, because with increase in price the demand will finally go down.

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.