Sec_All_Short_Answer_and_Essay_Ch_14_

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1、SubjectiveShortAnswer1. Ifafirmcaninfluencethemarketpriceofthegooditsells,thenitissaidtohave__________.ANSWER:  marketpowerDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.092-Examinefirmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:Kn

2、owledgeCUSTOM ID:  001.14-SAE-MANK082. Afirmlacksmarketpowerifitcannotinfluence__________.ANSWER:  thepriceofthegooditsellsDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.092-Examinefirmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:Kn

3、owledgeCUSTOM ID:  002.14-SAE-MANK083. “Thewaterthatcomesoutofyourfaucetsathomeisnotsuppliedbyacompetitivefirm.”Explainwhythisstatementiscorrect.ANSWER:  Inordertobeacompetitivefirm,thesupplierofyourwaterwouldhavetobeoneofmanysellersofwater.Infact,itislikel

4、ythatthereisonlyonefirm(orgovernmentalunit)thatsupplieswatertohomesinyourcommunity.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.092-Examinefirmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  003.14-SAE-MANK08

5、4. Acompetitivemarkethastwobasiccharacteristics.Whatarethosetwocharacteristics?ANSWER:  Inacompetitivemarket,therearemanybuyersandsellersandthegoodsofferedbythevarioussellersareessentiallythesame.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.092-Examinef

6、irmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  004.14-SAE-MANK085. Whatdoesitmeanforabuyerorsellertobeapricetaker?ANSWER:  Abuyerorsellerisapricetakerifheorshehaslittleornocontrolovertheprice;thatis,thebuyerorsel

7、lermustacceptthepricedeterminedinthemarket.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.092-Examinefirmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  005.14-SAE-MANK086. Whenafirmsells1millioncoathangers,itstota

8、lrevenueis$2million.Whenitsells2millioncoathangers,itstotalCopyrightCengageLearning.PoweredbyCognero.Page 14revenueis$3.5million.Isthisfirmapricetaker?Explain.ANSWER:  No.Whenthefirmsells1millioncoatha