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Give a real life example of a perfect competitive market or close to perfect competitive market. Discuss why you think this is a perfectly competitive market, and what assumptions of perfectly competitive market it satisfies.
Make a price quantity chart for each consumer. Then add a column showing the total quantity demanded for a private good. Next show the quantity price chart showing the total demand for a public good.
Consider a closed economy in which GDP equals $15 billion, consumption equals $9 billion, government purchases equal $2 billion, and tax revenue equals $1 billion. What is investment equal to in this economy? What is national saving equal to in this..
Individuals ought to consume additional units of goods and services if their marginal: A. cost exceeds its marginal benefit. B. benefit is still positive. C. cost equals its marginal benefit. D. benefit exceeds its marginal cost.
Contrast comparative and absolute advantage. Is it possible for a country to have a comparative advantage in producing a good without also having an absolute advantage? Explain.
Suppose a union that represents some but not all of the employees in an industry is considering a strong push for increased pay for their members during the upcoming contract negotiations. However, they are concerned about the possibility that the co..
Suppose a monopolist faces the following demand curve: P=596-4Q. Marginal cost of production is constant and equal to $60, and there are no fixed costs. how much profit will the monopolist make if she maximizes her profit?
If all firms, existing and potential new entrants, face decreasing industry costs in the long run under perfect competition, the industry supply curve will: Necessarily be upward sloping
Elucidate that contract align the incentives of the new vice president with the goals of the owners.
Suppose that the salary for a recent industrial engineering graduate is expected to increase by 12% per year from a base of $52,000 over the next five years. If the interest rate is taken to be 10% during the period, the present worth of the earnings..
Kevin Farley, an auditor with Koews CPAs, is performing a review of Knight Company’s Inventory account. Knight did not have a good year, and top management is under pressure to boost reported income. What is the ending-inventory as reported?
The HRM specialists at A&C Company took the opportunity to increase productivity and decrease manual data analysis by using their microcomputer along with a commercial database management system (DBMS) to develop a __________. Now the company can rea..
Moral Hazard. A worker can choose either high or low level of effort. The cost of high level is 1, the low level does not cost anything. If the agent chooses the high (low) level, principal gets π with probability pH (pL) and zero otherwise. Find the..
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