Can someone please help me with the following questions? thanks a lot
1. The cranberry market is perfectly competitive. Reports that consuming cranberries can lead to improved health result in a permanent increase in the demand for cranberries and an immediate upward jump in the price of cranberries. As time passes, the supply of cranberries will increase, so that the price of cranberries ____ and the firms' economic ____.
A.falls; profit will be eliminated
B.rises still higher; loss will be eliminated
C.rises still higher; profit will not change
D.falls; loss will be increased
2. During the winter, theme parks in Orlando often close at dusk even though they have much later closing times during the summer. The early closing times during the winter is because during that season the marginal revenue from staying open later is ____ the marginal cost.
a.greater than
b.less than
c.equal to
d.zero compared to
3. If steel workers obtain a substantial wage increase, employment in the steel industry will be likely to fall the most if
a.the demand curve for steel is highly inelastic.
b.the demand curve for steel is highly elastic.
c.the demand curve for steel workers is highly inelastic.
d.there are no good substitutes for steel.
4. Generally, the supply of a resource in the short run will be
a.more elastic than in the long run.
b.less elastic than in the long run.
c.equally elastic as the supply of the resource in the long run.
d.directly related to the elasticity of demand for the product that the resource helps produce.
5. (I)A firm should continue to hire workers until the marginal revenue product (MRP) is equal to the wage rate.
(II)The marginal revenue product (MRP) of a resource will rise as employment expands.
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