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Identify a market which you feel is perfectly competitive. The firms in this structure are considered price takers, are the firms in the market you chose all selling their product at the same price? Why or why not?
What is the Relevant Market?
jim sees commuting by bus and t as perfect substitutes u t b that is he would exchange one commute by bus for one
Through the energy crisis of the 1970s, and again in the last five years, Congress bemoaned the “price gouging” and “windfall” profits of the major oil companies. In the 1970s Congress imposed an “excess profits tax” on these companies. It did not do..
What are the facotrs involved? What were the circumstances? How was the dilemma handled? What were the consequences?
Coke and Pepsi have sustained their market dominance for more than a century. General Motors and Ford have been hard hit by competition. In one paragraph, explain what economic factors might account for these industry differences.
At the consumer's optimum:
Should the organization or industry continue, develop, or decrease current operations in order to maximize profits? Explain your answer.
Workers who demand a wage that is equal to the equilibrium wage: Workers with a particular skill are represented by: Workers who demand a wage that is equal to the equilibrium wage:
When obama was campaiging for president in 2008 he proposed more government spending paid for with higher taxes on the rich. What impact would those options have on the equilibrium?
Suppose that the demand for a product is given by P=200-2Q where Q is total industry output. The market is occupied by two firms, each with constant marginal costs equal to $8. Calculate the equilibrium price and quantity assuming the two firms compe..
The typical way that authors get paid for writing a book is via a royalty arrangement. For every book sold, the author gets a certain percentage, something like 15 percent of the list price on hardcover sales and 10 percent for paperback. The author ..
You're the marketing manager of a firm that produces Titanium and sells this metal to two distinct kinds of customers: aircraft producers and golf club manufacturers.
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