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Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly.
What characteristics of the industry make it a monopoly?
What is the impact of the monopoly power on its customers?
Why might government want to regulate natural monopolies?
How might such regulation be structured?
A price-taking firm’s short-run supply curve is. For a firm facing a downward-sloping demand curve, marginal revenue will be less than price. In making output decisions, a firm should produce the output level for which marginal revenue equals margina..
Assume a large world economy with several countries. There is a good that can be produced domestically by every country in the absence of trade. Suppose Country 1 has the following demand and supply curves for this good: D1= 28-2P and S1= 2P-4. By ho..
Why does Apple tightly hold on to the development of iOS but outsources some of the design and all the manufacturing of iPhone handsets?
If one party does not follow its Nash equilibrium strategy, then the other party may be better off with a strategy that is not a Nash equilibrium strategy; A Nash equilibrium in randomized strategies is like a Nash equilibrium in pure strategies: Giv..
In the state of Florida ,data that is commonly used in health services systems. This includes census data, vital statistics data (birth, deaths, marriages, and divorces), surveillance data, administrative data, and survey research data. Which office ..
Here are some hypothetical numbers used to illustrate the ideas of trade-offs, specialization, and comparative advantage. Assume Sri Lanka, using all her resources efficiently, can produce either 1,000 bags of rice OR 3,000 bags of tea. Let's also as..
Consider the utility-maximizing model in a two-good world, where our representative consumer has well-behaved preferences that result in smooth indifference curves that are convex to the origin.
Define asymmetric information. Distinguish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal-agent problem?
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Would the consumer prefer to get $100 in food stamps or $100 in cash? You need to justify your answer t..
In competitive equilibrium, what is the ratio of the price of bananas to the price of tomatoes. Illustrate what is the equilibrium quantity of bananas and tomatoes consumed by Marilyn and Chen.
The only case for which the bond price does not react to a change in the market interest rate is when
The law of demand states that, other things equal, an increase in
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