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1) Do you think firms should earn an economic profit? Why or why not? Try to use an example.
2) Monopolists always charge the highest price possible and earn short run economic profits. Why is this? If you disagree explain.
3) The defining characteristic of oligopoly is that each firm is mutually interdependent. (Explain this and say something about the kinked demand curve.)
4) Profits are maximized at where MC = MR (explain and use an example)
5) A price-discriminating monopolist could earn more profit than a normal monopolist. (Explain why and how)
Briefly Explain how the Gross Domestic Product (GDP) affected the recession in the United States throughout the late President Bush and early President Obama years.
The economics department implemented a new grading policy, where the student's overall score is the minimum of the number of correct answers the student gets on two exams. The
Evaluate arc price elasticity of demand between prices of $4 and $6 and compute the point price elasticity at the price of $6 state the significance of the coefficients.
The following graph shows the short-run aggregate supply curve (), the aggregate demand curve (), and the long-run aggregate supply curve () for a hypothetical economy. I
Do firms earn accounting profit under perfect competition Do firms earn economic profit Viewing yourself as a firm, would you say that most of your career choices will be
Write the equation of a line that represents the budget constraint. Clearly interpret the slope. Explain the initial position within the context of marginal utility per last d
What are your recommendations to the current administration considering the state of the economy and the level of national debt? What are the implications of your recommende
Union membership reached its peak: The generally pro-labor stance that had prevailed in legislation during the Great Depression was reversed by the: Under the Taft-Hartley Act
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