Answer:
Fewer; average total
Explanation:
"Firms in the monopolistically competitive movie industry face excess capacity. This means that there are <u>Fewer</u> movies than the output at which <u>average total</u> cost is minimized."
Monopolistically competitive market: Monopolistic competition are defined as situation in market, wherein many seller or firm offer similar kind of product in the market, however, products are not close subtitute. There is low barrier to entry in these market. The monopolistic competitive firm choose a level of output, which is below its minimum efficient scale.
Answer:
there will be fewer labor hours purchased by employers than at the equilibrium wage. none of the above
Explanation:
Equilibrium in economics means balance. Equilibrium wage rate refers to the market wage rate where the quantity of labor supplied matches the labor demanded. It is the wage rate that employers are willing to pay, and workers are ready to accept each hour of labor. The equilibrium wage represents the intersection of labor demand and supply curves.
If the wage is set above the equilibrium rate, it will force employers to pay more than they are willing. Employers will be paying more to workers than the value they are receiving. The hiring of many workers will be uneconomical. Employers will hire fewer workers to keep their costs down.
Answer:
Timmy's accounting profit equals $7945 while his economic profit equals $3094
Explanation:
Accounting profit= $47000- $39055= $7945
Economic profit= $11,039 - $7945= $3094
Answer:
E) W.Edwards Deming
Explanation:
Constancy of purpose means that the company should always work on the scope of improvement, and not just only at the time when the company feels the need to do it. As for example if there is a fault in production line the company should look at it.
Further, if the company keeps a systematic security and faulty check on the production line, the production line might not have been broken. Accordingly the scope of continuous improvement shall be considered by companies.
Teamwork always promotes to meet targets on time as the work is divided among members and also ensures better individual growth as one gets to learn from different people in one single assignment.
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