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Compare the perfectly competitive market structure with that of monopolistic competition in terms of characteristics, price, output and efficient use of resources. Of the two markets you have analyzed, which market is the best for society, and why?
What policy would the Federal Reserve pursue if it wanted the economy to move to point B in the long run?
Suppose that a monopolistically competitive restaurant is currently serving 280 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $13 per meal. What is the size of this firm’s profit ..
What is the loss to fans from the monopoly power that sports franchises exert? Be precise in your reasoning. (Verbal explanation and shows P, MC and MR.)
You are the commissioner of the National Hockey League. You have been called to testify at an antitrust case against the NHL. Argue that (a) the NHL is not a monopoly and (b) even if it is a monopoly, it is a natural monopoly. Be sure to carefully ex..
How is the PCE calculated? What is the difference between the PCE and the GDP deflator? What is the difference between the PCE and the core PCE?
Suppose the demand for a new pharmaceutical drug, on which the manufacturer has a patent monopoly, is given by: Q(P,A) = (100 – P) ·A^0.5. Calculate the profit-maximizing price, advertising expenditure, and profits for the firm.
We have discussed why market based policy instruments are often superior to conventional command–and control instruments to solve environmental problems. But command -and-control regulations, such as a uniform standard for all polluters, sometimes wo..
In your PERSONAL--and now INFORMED--JUDGMENT, what do YOU think: Is the president in charge of the national government? SPECIFICALLY, WHY did YOU take the position on this question that you have taken?
George and Bill are stuck together on a desert island. There are two goods, Coconut (C) and Bananas (B). George has production function 5C+B=40, while Bill has production function C+3B=36. If they could not trade, George would choose to product 6C, w..
If the reserve requirement is 20 percent, and banks keep no excess reserves, an increase in an initial inflow of $100 into the banking system will cause an increase in the money supply of: Suppose that consumer spending is expected to decrease in the..
According to the rational choice model, cash grants are preferred to food stamps because
Democracy, Government Responsiveness, and Electoral Accountability: In the modern theory of the state, economists tend to think of the role of government as that of a (benevolent) social planner. How does the ‘new political economy’ depart from this ..
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