ALL AP MICRO STUDENTS - PLEASE HELP A FELLOW CCer OUT!

<p>Hi guys. I really need your help answering this questions. i will be really grateful for your help. this is very important and so any input will be helpful. Thanks! So here we go:</p>

<p>1.You are member of the city council and are considering a law to control rents below the free market rent. Answer the following questions:
(A)What would be the effect of this rent control law in the short run? Why?
(B)What would be the effect of this rent control law in the long run? Why?</p>

<p>2.In a perfectly competitive market in long-run equilibrium, what would be the immediate results of imposing and enforcing a price ceiling below the equilibrium price of the product? What would be the long run effect of continuing to enforce the ceiling price, assuming underground markets don’t develop? Be sure to explain why the predicted effects will occur.</p>

<p>3.Explain in complete sentences why the AP rises as long as the MP rises but goes down if the MP falls below it</p>

<p>4.Will a monopoly ever operate in the inelastic portion of the demand curve? Explain your answer.</p>

<p>5.Would the demand curve for a monopolistic competitor be more or less elastic than the demand cure for a monopolist? Justify your answer.</p>

<p>6.True, false or uncertain, and why? “Monopolistic competition is even better than perfect competition.</p>

<p>7.True, false or uncertain, and why? In the long run, monopolistic competitors produce at their most efficient point.”</p>

<p>8.True, false or uncertain, and why? “The marginal cost curve for a perfectly competitive firm is the same thing as its supply curve.”</p>

<p>9.True, false, or uncertain, and why? “If marginal costs equals marginal revenue, a firm must be breaking even because costs and revenue are equal.”</p>

<p>10.Why do airline charge a discounted fare to passengers who stay over on a Saturday night? (Hint: Consider price discrimination)</p>

<p>11.True, false, or uncertain, and why? “Without government regulations most firms in a capitalist market system would be monopolies.”</p>

<p>12.“A monopolist charges the highest price the market will bear, whereas a perfect competitor does not.” Explain in detail why you agree or disagree with this statement. As part of your answer, be sure to describe the profit-maximizing price.</p>

<li>What id the long run equilibrium condition for a perfectly competitive firm? Is the long run equilibrium condition of a perfect competitor and/or technically (productively) efficient?</li>
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<p>any response please?</p>

<p>come on guys! I really need some input!</p>

<p>do your own homework</p>

<p>i cant. i am so confused. please help.</p>

<p>actually no...go read the textbook</p>

<p>can anyone please help me out?</p>