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Consider a  decreasing-cost purely competitive industry. Assume that the industry is initially in long-run equilibrium and that a decrease in consumer demand occurs. After all economic adjustments have been completed, product price will be:

Output Total Revenue Total Cost 0 $0 $50 1 $36 $74 2 $72 $94 3 $108 $117 4 $144 $142 5 $180 $172 The table above shows output, total revenue and total cost information for a purely competitive firm.  Refer to this information to answer the following question. The market price of the product in the short run is $___.Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

Suppose the government imposes a $10 excise tax on wine and the price of wine increases by $4

Price Quantity Demanded $10 1 $9 2 $8 3 $5 4 $1 5 The table above shows the demand schedule facing a nondiscriminating monopolist. Assume that this monopolist faces zero production costs. The profit-maximizing monopolist will set a price of $______Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

With tax of $10 on an income of $100, $25 on an income of $200, and $60 on an income of $300 is:

Output Total cost 0 $50 1 $90 2 $120 3 $140 4 $170 5 $210 6 $260 7 $330 Refer to the data. If product price is $48, the firm will 

The term oligopoly indicates

Suppose the absolute value of the price elasticity of demand for private jets equals 6.00, while the price elasticity of supply for private jets equals 0.02. If Congress reinstates a luxury tax on private jets, who will pay more of the tax?

If at its long-run equilibrium output a purely competitive firm’s  price is $14, and the minimum average variable cost is $10, then the firm’s marginal revenue is $_____Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

A firm finds that at its MR = MC output of 10 units, its minimum average variable cost = $10, marginal cost = Price = $8,and total fixed costs = $270.  If this firm shuts down in the short run, it will realize a loss of $__________.Please do not input the $ sign. If your answer is -$50 please input 50 for your answer.