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Why are competitive markets considered more efficient than monopolistic markets? Give economic reasons. Give a real-life example of a market that tends to be competitive and one that tends to be monopolistic. Describe characteristics that support your classification. Is there evidence of efficiency or inefficiency in either of the markets you describe?
450 words and 2 scholar references
Illustrate what will happen in the short run and long run to the world real GDP and the price level. Moreover, describe what policymakers could do after this has happened.
A. What is price discrimination Why do firms engage in price discrimination B. What conditions are necessary in order to engage in price discrimination C. What is the relationship between price discrimination and price elasticity of demand
Suppose one economist believes the target rate of unemployment is 4.3 percent while another believes it is 5.5 percent. Using Okun's rule of thumb, by how much would you expect their estimates of potential GDP to differ in a $12 trillion economy
Assume that an iPad in the US is $500 while in Switzerland it costs 400 Swiss Francs. Suppose the nominal Swiss Franc/Dollar exchange rate is 1.1 Swiss Francs per Dollar.
How do the approximations compare to the actual growth rates? Are the approximations consistently higher or lower than the actual rates? Does this depend on the variable in question?
Consider a firm with market power that sells suits. The firm has two types of customers, A and B. There are an equal number of customers of each type. Type-A customers are willing to pay up to $100 for a coat and up to $50 for pants.
A story in the WSJ not too long ago suggested that the Justice Department might file legal actions against a number of large oil companies because there is evidence that they shared salary information on their professional.
To finance this subsidy every pair of stilts purchased by someone who is tall is taxed at a rate of T percent.
If the local car wash changes its price for a supreme wash from $13 to $16 and the number of customers change per day from 50 to 40, what is the price elasticity of deman for this service? Is the demand for this service relatively elastic or rela..
Define in general the term "internalize the externality" and explain its application in this case. Discuss a policy other than a tax or subidy that could cause individuals to internalize the externality. Explain briefly.
1. How were GDP, inflation, and unemployment affected during the 2007-2009 recession, and how does the model show this? 2. What monetary policies and fiscal policies were implemented during the recession?
Often it is claimed that banks create money by making loans. How can commercial banks create money? Is the government the only institution that can legally create money?
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