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Given typically sloped supply & demand curves for a particular service, suppose now that the public's income rises. The most likely (definite) impact upon the new market equilibrium is that
a) the new price is indeterminate.
b) the supply curve will decrease.
c) the demand curve will increase.
d) the new price will decline.
e) the supply curve will increase.
The marginal social benefit of a good that exhibits positive externalities is ( Greater or Less than ) the private social benefit of that good. Why?
A firm production function is given by q = f(k,l) = k·l. q0 = 100. w = $20, v = $5. At the point at which this firm minimizes the cost of producing q0, it uses how many unit(s) of labor and how many unit(s) of capital? NOTE: write your answer in numb..
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
The production possibilities frontier represents what?
How can managers deal with these problems? If a US corporate headquarters asks a manager to offer kickbacks or other bribes, what are the options?
What value of "C" make the deposit series equivalent to the withdrawal series at an interest rate of 9% compounded annually?
Provide a general overview of U. S. international trade regarding our trade deficit, trade surplus, primary export goods, status with Canada and China, and the U. S. status in the world.
In the United States, the majority of individuals who have private health insurance
Would Americans be better off if they bought less from foreigners? Would employment in the United States increase if we restricted imports with higher trade barriers?
The marginal cost curves intersects the average total cost curve.. a) at the efficient scale, b) where the firm maximizes profit, c) at the minimum of afc d) where fixed costs equals variable costs
Describe racial profiling and racially biased policing. Explain why these phenomena have become significant issues in policing. What steps have been taken to eliminate racial bias among police?
A firm is producing where its marginal costs are at the lowest level. What can one most likely infer from this?
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