The late economist harvey leibenstein argued that the loss of economic efficiency in industries that are not perfectly competitive has been understated. he argues that when competition is weak, firms are under less pressure to adopt the best techniques or to hold down their costs. he refers to this effect as x-inefficiency if x-ineficiency causes a firm's marginal costs to rise, how is the deadweight loss caused by a monopoly understated? a. mc2 mc, suppose mc, is the marginal cost of production with perfect compettion and mc2 is the marginal cost of production with x-inefficiency loss. b. use the triangle drawing tool to shade in the deadweight loss with x-nefficiency label this shaded area deadweight lossa mom. c. carefully follow the instructions above, and only draw the required objects.

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Fortress international, a large conglomerate, procures a few component parts from external suppliers and also manufactures some of the key raw materials in its own subsidiaries. aside from this, the company does not solely depend on outside distributors to reach its customers. in fact, it has its own retail stores to distribute its products. in this scenario, which of the following alternatives to vertical integration is fortress international applying? a. concentric integration b. taper integration c. horizontal integration d. conglomerate integration

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold.mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)