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The demand for coffee increases and coffee producers begin earning economic profits. Assume the coffee industry is perfectly competitive. Compared to this new situation, in the long run how are the price of coffee and economic profits for coffee producers most likely to change? Hint: Read the question carefully. You are asked to compare the situation AFTER the demand increases to the long-run. A) Economic Profits Decreases & Price Decreases B) Economic Profits Decreases & Price Increases C) Economic Profits Increases & Price Decreases D) Economic Profits Increases & Price Increases
According to Marx, is there a tendency for the rate of profit to fall? On what assumptions is this argument based? What are the counteracting forces that may forestall such a fall? What is the “internal contradiction” of “the law of the tendency of t..
Illustrate what is the effect on equilibrium price and quantity in the market for oranges if a new orange picking machine is developed.
Find an article about a current event that discusses a change in the supply or demand of a product. For example, has there been a weather event that has affected certain food crops or the availability of energy? Has a new consumer product been introd..
Calculate the inventory value of the units unsold in the has well as of the consignee.
Different economies grow at different rates. Three countries that have done very well over the last three decades are China, India, and Ireland. Both China and India are huge while Ireland is relatively small. What economic policies have had an effec..
According to the rational choice model, cash grants are preferred to food stamps because A. They enhance consumer choice B. Cash grants allow consumers to reach lower indifference curves C. Food is the most essential commodity D. Food would be cheape..
Please name three industries in which the perfectly competitive market model would be the most beneficial market structure model in analyzing behaviour
When you apply conventional finish to the wood you use traditional lacquers. The California Division of ABC has changed from conventional lacquers.
Consider the following statement, paraphrasing one lament by fans. “Fans can never catch up with the vicious cycle of sports event pricing. As fan income rises, they can finally afford the high price of sports events
How could union members’ current annual incomes decline on net even if a long-lived strike induces a firm’s management to increase the hourly wage rate? Sometimes union memberships coordinate work stoppages when all workers call in sick. From an econ..
In february 2014, hostilities escalated between Russia and Ukraine over Crimea. Predict the effects of these hostilities on the exchange rate between the U.S. dollar and the Russian Ruble
Suppose that you are a borrower with a project that has a rate of return of 6.8%. You submit a bid to borrow $1,000 at an interest rate of 5%, and a lender accepts your offer. After you fund your project and pay back your loan, what is your gain or l..
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