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In perfect competition if firms produce where P=MC they ensure ________ because the social benefits of production as measured by the price that people are willing to pay, are in balance with the ________ to society of that production.
economic efficiency : total revenues
allocative efficiency : costs
economic efficiency : marginal revenues
There is some evidence that during the 4th century in the Roman empire, public officials were paid in kind or “in equivalent prices”, instead of coins. What can be inferred from this?
Elucidate why an increase in one firm's output tends to deter production by the other.
Explain how do efficiency techniques differ in short- versus long-run when attempting to maximize profits. Illustrate what specific incentives are used in your workplace to promote efficiency.
Several questions in this problem set are based on the 8/19/12 Wall Street Journal article "Cartel Pushes Up Price of Rubber." This article is at the end of the module on Antitrust Policy. Try to read the entire article carefully first.. What challen..
There are three retirement plans under development. Each plan has a 6% compounded monthly and you cannot take a withdrawal until year 20. One plan requires a payment of X/year for the next 10 years. The other requires a payment of Y each year from ye..
What were the main challenges facing Washington's administration? What was Hamilton's vision of the new republic? What was George Washington’s greatest achievement as president?
What do you need to do to handle crisis. SLook at mistaken assumptions described. Why do such assumptions arise, and what can be done to overcome se biases.
You have been asked by your supervisor to evaluate a new proposal designed to cut costs. Under the plan, workers would be paid a fixed wage of $8 per hour.
What is the probability that more than 200 cars will require service work in a particular month? B. What is the probability that fewer than 175 cars will need service work in a given month?
wicksteed made a significant contribution to value theory during the marginal utility revolution. this contribution was
To increase the money supply, the Bank of Canada can:
Wood can be purchase for $55 per unit in July. If the purchaser waits until November, the cost of wood is $70 per unit. Calculate the annual rate of return the purchaser would receive by buying wood in July instead of November.
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