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Homework answers / question archive / Part A - 100 points Each question in this part is a True, False, or Uncertain question
Part A - 100 points Each question in this part is a True, False, or Uncertain question. For each question you must answer whether the statement in italics is True, False, or Uncertain, and justify your response. Each question in this part is worth a maximum of 10 points.
6. Students asking questions during lectures provides a benefit both to the student asking the question, but also to other students in the class. To improve overall welfare, lecturers should give rewards to those students who ask questions during class. 7. In a competitive market, the supply curve is the same as the marginal cost curve because firms are identical.
8. In order to psychologically manipulate consumers into purchasing more expensive/ profitable goods, shopkeepers may stock some products that they do not expect any consumers to actually purchase. 9. Economists tend to like perfectly competitive markets because, assuming there are no externalities, the competitive equilibrium is the efficient outcome. 10. While there are many possible arguments for restricting international trade, in most cases most economists would disagree with these arguments for restricting interna- tional trade.
Answer:6.True.If lecturers start giving rewards like some sought of mark system that would eventually help students to make their grades better,students who are not asking questions become more attentive in class and start asking question.
7.False.Supply curve is same as marginal cost curve in perfectly competitive market.It happens only because price=marginal revenue in perfectly competitive market.
8.Uncertain.Consumer can only buy expensive if wants to switch his choices,which he is avaling till now.Moreover,he only purchase expensive goods,if his pocket allow to purchase it.
9.True.Equilibrium can only achieve where supply price and demand price are equal.And that this the reason perfectly competitive market efficient.
10.True.Economist support international trade because genrally they want a global economy where there will be no scarcity of any resources around the world, reducing global poverty as internationl trade and benefits lower income households globally.
