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1. Which of the following characteristics relate to perfect competition?
I. An industry is dominated by several large firms. II. Consumers cannot distinguish one firm's product from another. III. New firms can easily enter the industry.
A. I and II B. II and III C. II only D. III only
2. The curve that is most relevant to the firm's decision to produce or shut down in the short run is:
A. the total cost curve. B. the average total cost curve. C. the average variable cost curve. D. the marginal cost curve.
Suppose that in a week the price of Greek yogurt increases from $1.25/lb to $1.75/lb. At the same time, the quantity of Greek yogurt supplied increases from 100,00 lbs to 150,000 lbs. What is the price of elasticity of supply for Greek yogurt?
An economic model and A good economic model
An industry demand curve faced by firms in a duopoly is P = 69 - Q, Where Q = Q1 + Q2. MC for each firm Is 0 (note: Marginal Revenue has twice the slope as the demand curve) How many units should each firm produce? How much money will each firm make?
Give an example of an organization or business in your area that performs the "place" function, and explain why you picked this organization/business.
Research and write a 2-3 page paper on the economic impact of globalization on the US the labor market (such as jobs, demand, supply, efficiency, productivity e.t.c). Critically analyze. Support your analysis with body of knowledge.
In recent years, Bolivia, Russia, and Turkey have had much higher nominal interest rates than Canada, while Japan has had lower nominal interest rates. What would you predict is true about money growth in these other countries? Why?
In the last few years, your company made a concerted effort to improve its minority hiring, so many of the new employees are minorities. How should you decide who to lay off?
If short-run economic profits are greater than zero for firms in a monopolistically competitive market, in the long run we expect:
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
A used car dealer in Las Cruces placed the following advertisement: What is the price of the car if the interest rate is 12% per year compounded monthly? If financing is done at 12% APR, what would be the equivalent uniform monthly payment?
Economic data is a very broad concept. It can include discrete preference relation data-sets as well as extensive time series data. But it is important that theories are tested against data, and the earlier this happens in the development of an econo..
aggregate demand and aggregate supply gradedsurf bureau of economic analysis website www.bea.gov and access the bea
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