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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs.(150 words at least)
1. What is a price taker? Discuss the assumptions that are made in order to obtain the perfectly competitive model.
2. Define the short-run break-even price. What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
3. An upscale bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination? Explain your answer.
4. What is the social cost of a monopoly? Explain.
5. Explain why the amount that firms spend on advertising depends upon the characteristics of their products.
Discuss the reason a buyer might have for wanting to participate in an industry consortium marketplace instead of setting up its own private company marketplace
Choose one of the residential type properties we read about and describe that property and explain what a market analysis is and when it is used for your property of choice.
In determining the short-term liquidity of a firm, the current ratio is usually considered a better guide than the acid-test ratio, and the acid-test ratio is considered a b
While IT provides the platform for this phenomenon, the changing behavior of users represents the biggest challenge and opportunity for businesses today. Web 2.0 also repres
After reading: "When Is "Everybody's Doing It" a Moral Justification?" in the text, consider "How common is it for people to try to justify their conduct with the argument t
Discussion #1: Review the following statement from your reading this week, "Diversity in the workplace is necessary to create a competitive economy in a globalized world."
Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
Explain overall strategies for recovering lost customers. Include as much detail as possible in your answer, but focus your answer on feeling customer pain as described in t
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