Microeconomics questions and answers in December 2021

Jack's Convenience Store is open for 20 hours a day, Monday through Saturday. There is always one employee in the store. The store employs three full-time employees, who work 40 hours per week and ear...
5. Based on your understanding of the logic and insights of the Cournot model, which of the following changes to the basic model would likely not reduce the profitability of firms in equilibrium? a. R...
1. The table below shows the global market for the mineral sand, zircon. It shows the world price and the quantity of zircon bought for each year from 1992 to 1996. Because zircon is resistant to corr...
Use the graph below to answer questions 4 through 6. Labor Market 20 SL 4 10 10 Which of these would increase the market equilibrium wage above $10? A. An increase in overtime hours worked B. An incre...
  Suppose the price elasticity of demand for beef is about 1.6. Other things equal, this means that a 20 percent increase in the price of beef will cause the quantity of beef demanded to   Multiple ...
In a Bertrand market where all firms sell an identical good and have identical production technologies with constant marginal costs then introducing an additional firm will lead to a lower prices in t...