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Monopolistic competition means:
A.) firms are in perfect competition but they collude similar to monopolies B.) firms differentiate their output, which makes them price-makers, but barriers to entry are low or non-existent C.) firms are in a monopoly but they compete D.) firms face a horizontal market demand
Similarily, the movie You’ve Got Mail features a successful small bookstore competing with a new book superstore around the block. The big superstore offers large discounts, while the small independent bookstore has better service and more knowledgeable staff. The movie best illustrates which of the following?
A.) The Meg Ryan character’s bookstore best illustrates a perfectly competitive firm B.) Small producers offer differentiated products and compete most effectively through product differentiation C.) The Tom Hanks character’s bookstore best illustrates a monopoly firm D.) Large producers offer differentiated products and compete most effectively through product differentiation E.) Small producers can’t compete based on costs.
explain how much consumer spending takes place. Which of the following is something that they would include in consumer spending.
When the production function and the revenue are function the same in a model? (Answer is related to an assumption made about the price of the consumption good)
Using the results from previous question (the equilibrium price and quantity), which of the following is true or false? Explain (10 pts., 2.5 pts. each). Equilibrium quantity decreased by 4 units.(explain)
Marx argues that economic changes are the source of class conflict and potential social change. Explain Marx’s argument by either using the historical example of the transition from feudal production to capitalist production, or explain this by perha..
Is the quality of care different in a for-profit versus not-for-profit hospital? What differences in services might occur during or after a stay in a for-profit versus not-for-profit hospital? Compare and contrast the impact of healthcare on the US e..
You are the superintendent of Mt. Rossmoor Community College (MRCC). Mt. Rossmoor Community College is the fifth fastest growing community college in the nation. Should the college significantly increase fees per unit, or maintain current fee levels ..
Why do you think the specific industries you selected are highly concentrated?
Consider the following panel data fixed effects regression model: Yit = B0 + B1Xit + Y2D2+ Y3D3i + +...Y4Dni + eit
A restaurant owner has the following short-run production function: Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph. Show the range of labour where stages I, II and III of production o..
Which of the following pricing strategies is NOT used in markets with special cost and demand structures?
The kinked demand curve model can be used to explain the sticky prices n markets characterized by oligopoly. A typical kinked demand curve consists of two straight lines joined at the kink. ( a piece -wise linear where P is price (in dollars and Q is..
Jen, Eric, and Kurt are all buyers of chain saws. Jen’s demand function is DJ (p) = 520 − 13p, Eric’s demand function is DE(p) = 40 − p, and Kurt’s demand function is DK(p) = 200 − 5p. Together, these three constitute the entire demand for chain saws..
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