Nancy was a customer service representative for the

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Nancy was a customer service representative for the local water company. The company had exclusiverights to operate as the only company providing water to local residents since the costs to lay competingpipelines were a barrier to entry preventing competition. They were, however, regulated by thegovernment.Nancy was a telemarketer for a software company with many buyers and sellers. Everyone’s productswere fairly unique, but it was very easy to enter the software market. One advantage Nancy’s companyhad was that it had an informational advantage over many other companies.Nancy was an administrative assistant for an oil company with very few other sellers. Other companieshad trouble getting into the fossil fuel market. All the fossil fuel companies had the same information, butthey had an information advantage over the buyers.Nancy was a fruit vendor. In her market there were many buyers and sellers. It was easy and cheap to starta vendor stand. Everyone’s fruits were basically identical.
CONCEPTOligopoly13
6/21/2020Sophia :: WelcomeGiven the information in the graph shown here, at which level of production will profit be maximized?
8/14CONCEPTOutput Optimization: Total Revenue / Total Cost14Product PriceUnit Cost Quantity Sold Quantity Produced Opportunity Cost
6/21/2020Sophia :: Welcome$20.50$10.25500800$550Calculate the firm’s accounting profit from the data shown above.
9/14CONCEPTAccounting Profit15Using the data provided, what production quantity would represent output optimization for this firm?
6/21/2020Sophia :: Welcome10/1470809510025CONCEPTOutput Optimization: Marginal Revenue / Marginal Cost16Given the information on this graph, this firm needs to produce which of the following number of units tostart making a profit?10
6/21/2020Sophia :: Welcome11/14111214CONCEPTBreakeven Point17Which of the following is why the long run average cost curve must lie at the same level or below anyshort run average cost curve?

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Term
Fall
Professor
N/A
Tags
Economics, Sophia

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