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1. Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case, justify your classification.
2. "Even if a firm is losing money, it may be better to stay in business in the short run." Is this statement ever true? Under what condition(s)? How does this relate to the "shut-down rule?"
3. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain why price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive.
4. "That segment of a competitive firm's marginal-cost curve that lies above its average-variable-cost curve constitutes the short-run supply curve for the firm." Explain using a graph and words.
Can most providers be classified strictly as price setters or price takers? What would happen financially to a healthcare organization over time if its prices were set at either full costs or marginal costs?
u.s. trucking pays its drivers 40000 per year while american trucking pays its drivers 38000 per year. for both firms
What claim does an employer have on a person's feeling, rights, and privacy? and what rights can an employer justified ably limit in the workplace?
How do you feel the study of Managerial Economics will benefit you as a business and household decision-maker?
Discuss why silence can be an effective response to a request for a last-minute concession and when the nickel-and-diming approach can be utilized most effectively.
What statistic is designed to detect multicollinearity in a regression model?
According to the Central Limit Theorem
IBM purchased computer chips from NEC, a Japanese electronics concern, and was billed ¥250 million payable in three months. Currently, the spot exchange rate is ¥111/$ and the three-month forward rate is ¥107/$. Explain the process of a money market ..
The critical determinants of productivity growth include all of the following except:
The national debt of many developed nations is projected to grow to unsustainable levels. Why might national legislatures welcome higher inflation? Does inflation offer a means for a country to finance its increasing debt?
Why do firms from each of the following categories become multinational? Identify the competitive advantages that a firm in each category must have to be a successful multinational. Which of the following can occur as a result of advertising in a mon..
Why are health and education so closely linked in the development challenge? What are the most pressing health and education challenges today? What is the supposed rationale for subsidizing higher education in many developing countries?
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