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Describe the relationship between price, short-run marginal cost, long- run average cost and short-run average cost in the final long-run competitive equilibrium condition. What are economic profits in this long-run equilibrium condition?
The marginal cost curve above the minimum average variable cost
What is the market supply curve?
How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered and would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students?
What is Gross Domestic Product, and why is it important for national economies?
How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions – What to Produce? How to Produce? and For Whom to Produce?
Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents Explain, distinguishing between the short run and the lon..
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic production.
New York, had a serious ice storm. Electric power was out in houses for many days. The demand for power generators rise dramatically, Yet the local businessmen did not increase their prices.
If an effort to “maintain national security” government demands the wheat growers in America to produce Qs=16million pounds per year. The market can be expressed as P=120-3Qd and P=5Qs. What is the result of the government’s actions?
In an effort to stop the migration of many of the automobile manufacturing facilities from the Detroit area, Detroit's city council is considering passing a statute that would give investment tax credits to auto manufacturers. Effecively, this wou..
During the 4th-quarter of 1993, real GDP in US increase at an yearly rate of over 7 %. During 1994, the economy continued to expand with modest inflation
if governments know that increases in the money supply lead to inflation why do some countries increase the money
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