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Lecture Exam Questions The demand curve facing each wool producer is ________ starting at $3.00 per pound. downward sloping. upward sloping....

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Lecture Exam Questions The demand curve facing each wool producer is ________ starting at $3.00 per pound. downward sloping. upward sloping. vertical. horizontal. If a firm in a perfectly competitive industry raises price above market price, its total revenue wil  increase. its profit wil  increase. its sales wil  drop to zero. its demand curve wil  become downward sloping. The fast food industry is not considered perfectly competitive because: entry and exit are strictly regulated by the government. the firm's products are differentiated. firms spend a large amount of money on advertising. there are a very large number of firms. You are certain that a normal rate of profit is 18% for the fast-food industry. What is your estimate of a normal rate of profit in the computer software industry, which is  considered to be much riskier than the computer industry? 18% less than 18% above 18% the rate on government bonds
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Situation 1: You are the owner an only employee of a company that writes computer software that is used by doctors to bill patients. Last year you earned a total revenue of $90,000.  Your costs for equipment, rent, and supplies were $60,000. To start this business you quit a job at another computer software firm that paid $40,000 a year.  A yearly normal profit for your computer software firm would be $20,000. $40,000. $60,000. $100,000. The marginal product of the second worker is. 10 16 20 44 Demand for the product of an industry in perfect competition is assumed to be inelastic. True False If the first worker produces five custom picture frames a day, and the second worker produces five additional custom picture frames a day, it is clear that diminishing  marginal returns have set in. True
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