http://www.maniacsolutions.com/marketing-leisure-supplies/
economic issue?
If a firm has market power, marginal revenue curve is always below the demand curve. A) True B) False: If possible please explain why this is true or false. To maintain profits in the long run, a monopoly should be protected by barriers to entry other companies in the industry. A) True B) False: An example of the substitution effect dominates the income effect occurs when people take summer vacations instead winter holiday, even though his salary is the same year the whole year. A) True B) False: A market that is long-run equilibrium must also be in short-run equilibrium. A) True B) False: A backward-bending supply curve of labor is possible only if leisure is an inferior good. A True B) False oligopolists) earn zero profit unless they can collude. A) True B) False
1. It is true, because a company does not have the marginal income market power is equal to price. 2. True, no barriers to entry of new firms enter the market and offering lower prices, the reduction and eventual elimination of monopoly profits. 3. I'm not sure, but I iDon't IE and SE has nothing to do with the timing of decisions, only the decision itself (ie whether or not to take a vacation and not when). 4. It is true, long-run equilibrium requires that all the equilibrium conditions are met-short plus 5. False; If each worker income effect dominates substitution effect will work fewer hours as wage increases. With more income than leisure consumers, this is the definition a normal good. 6. It is true, there is collusion incentive to cheat on the implicit agreement between the companies. Whch generates traps Trap erodes profits to nothing.
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