HIS233 WEEK 2 EXAM Q & A.Qualified Virginia State University, Exams of Nursing

Download HIS233 WEEK 2 EXAM Q & A.Qualified Virginia State University and more Exams Nursing in PDF only on Docsity! ECON 203: EXAM With Explained Answers 100% Correct Download To Score A Qualified Virginia State University Homework #5 1) City Gas is a natural monopoly that supplies natural gas to a particular city. Its cost and demand information are given below. An unregulated monopoly will produce million therms of natural gas and sell each therm for . Quantity (Millions of therms) Price ($ per therm) Total Cost (million $) 1 48 35 2 44 64 3 38 90 4 30 113 5 20 133 6 8 150 -3; $38 2) has occurred if a government-owned firm becomes privately owned. -Privatization 3) A minimum resale price maintenance agreement requires a dealer who buys from a manufacturer . -to sell for at least a certain minimum price ECON 203: EXAM With Explained Answers 100% Correct Download To Score A Qualified Virginia State University 4) The four-firm measures the percentage share of the total sales in the industry that is accounted for by the largest four firms. -Concentration 5) A monopolistically competitive firm may earn abnormally high profits in the . -short term, but the process of entry will drive those profits to zero in the long run 6) Through the process of exit, in the long run, monopolistically competitive firms remaining in the market: -are no longer earning losses - they are earning zero economic profit. 7) Perfect competition displays because the social benefits of additional production, as measured by the price that people are willing to pay, are in balance with the to society of that production. -allocative efficiency; marginal costs 8) If each of the two competing monopolists undertakes equal efforts to attract consumers away from the other, the total result is: -they will simply neutralize one another's efforts. 9) Government passed the to limit the power of large, consolidated firms that were run by trustees as if they were a single firm.