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Suppose consumer income declines in the market for bologna, an inferior good. At the same time, the number of bologna producers decreases. Therefore, the equilibrium price of bologna will _____ and the equilibrium quantity will _____.
a. Increase; Increase
b. Increase; be indeterminate
c. Decrease; be indeterminate
d. Be indeterminate; Increase
e. Increase; Decrease
If the industry is regulated and the regulatory authority forces Widget Corp. to earn only a normal return on investment (which is included in its cost function), what is the resulting equilibrium price and quantity. What happens to consumer surpl..
Important information regarding Price Elasticity of Demand and Total Revenue
What role do phases, of the development process, serve when working to manage custom software development? If possible, please feel free to provide examples.
Whre the rest of the world propelled by the requires of developing countries, continued to increase by the historic rate. What would be the US share of total consumption in 2050 in percent.
Elucidate the significance and implications of various economic theories pertaining to profit, consumer choice, demand and supply, forecasting and optimization.
Suppose that the economy's total resources are 320hours of labor and 20 acres of land. Use a diagram and some algebrato determine the allocation of resources. (It doesn'tnecessarily have to be to scale.)
Since 1990, energy use per person has either remained fairly stagnant or has increased in different nations and regions of the world. Match the nation or region with the trend in energy use per person since about 1990. Column preview China. increa..
Assume that the United States economy is in long-run equilibrium with an expected inflation rate of 4 percent and an unemployment rate of 6 percent. The nominal interest rate is 9 percent. Using a correctly labeled graph with both the short-run and..
draw an asad diagram which shows what happens if strong growth in ad has pushed actual rgdp to a level above potential
Even in firms in a monopolistically competitive market collude successfully and fix price, economic profit will still be competed away if there is unrestricted entry. Explain. Will price be higher or lower under such an agreement in long-run equil..
Felicity is studying economics and political science. She can read 30 pages of political science per hour but only 5 pages of economics per hour. This week she has a 50-page assignment in economics and a 150-page assignment in political science.
which country has the greater opportunity cost of producing olive oil b)the country which would end up exporting wine and which would export olive oil after the elimination of trade barriers.Olive Oil yield 40 barrels 30 barrels
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