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1 How does monopolistic competition differ from pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and how that, in turn, affects its economic profit.
2 "Competition in quality and in service may be just as effective as price competition in giving buyers more for their money." Do you agree? Why? Explain why monopolistically competitive firms frequently prefer nonprice to price competition.
3 Critically evaluate and explain:a. In monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.b. In the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits.
Explain why does the US steel industry want a tariff on imported steel. Show the US steel market with and without a tariff, showing graphically why they will like a tariff.
Explain why the authors cite ethnically segmented markets as a factor that holds back private sector development and building entrepreneurial capacity.
Explain the relationship between a firm's short-run production function and its short-run cost function. Focus on the marginal product of an input and the marginal cost of production.
Illustrate what are the gains and losses for consumers in these types of international production and trading patterns.
Required help using economic theory and applying to real world situations and current events.
One of the questions in a survey of high school students asked about lying to teachers. The following table gives the number of students who said that they lied to a teacher at least once during the past year, classified by gender. Lied at least o..
A movie production company faces a linear demand curve for its film, and it seeks to maximize total revenue from the film's distribution. At what level should the price be set Where is demand elastic, inelastic, or unit elastic Explain
Suppose a firm has a constant marginal cost of $10. The current price of the product is $25, and at that price, it is estimated that the price elasticity of demand is -3.0.
During a coffee-room debate among several young MBAs who had recently graduated, one of the young executives flatly stated, "The most this company can lose on its Brazilian division is the amount it has invested (its fixed costs)."
Over the past 3-years, as the result of reducing values for digital cameras, the price of developing traditional 35mm film has increased 5 percent yearly.
Elucidate the six costs associated with inflation and evaluate which if any of the costs are important for the average consumer.
Suppose a perfectly competitive firm produces output at two different plants. If the marginal cost at the first plant exceeds the marginal cost at the second plant for all units of output, how will the firm organize it's production to maximize pro..
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