For the Colorado beef industry to be classified as perfectly competitive, ranche

Question

For the Colorado beef industry to be classified as perfectly competitive, ranchers in Colorado must have on prices and beef must be a A) no noticeable effect; standardized B) a huge effect; standardized C) a huge effect; differentiated D) no noticeable effect; differentiated 2. product. For the fast food restaurant industry to engage in monopolistic competition, there must be restaurant(s) and the restaurant offerings must be A) few; standardized B) many; standardized C) one; differentiated D) many; differentiated 3. 4 Economics deals primarily with the concept of A) money B) banking C) scarcity D) consumption Callie makes 20 wedding cakes per day. The marginal cost of the 20th cake is $24, and the average total cost of 20 cakes is $5. The average total cost of the 19 cakes is: A) $6 B) $5 C) $4 D) $8 5.

Explanation / Answer

Q2
Answer
Option A
the perfectly competitive firms cannot make any effect on prices
and the product is identical
Q3
Option D
the monopolistic competitive market has many firms and their products are differentiated

Q4
Answer
Option C
Scarcity
the economics mainly deal with scarcity problem where it studies about choices based on opportunity costs.

Q5
Answer
The total cost=ATC*Q=20*5=100 and
Total cost of 19 units=ATC(20)-MC(20)
=100-24
=76
the average total cost=TC/Q=76/19
=4
The ATC of 19 cake is $4
option C

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