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a. What type of demand curve does a perfectly competitive firm face? Why?
b. The state of Maine has a very active lobster industry, whichharvests lobsters during the summer months. During the rest of theyear, lobsters can be obtained from other parts of the world but ata much higher price. Maine is also full of "lobstershacks," roadside restaurants serving lobster dishes that areopen only during the summer. Explain why it is optional for lobstershacks to operate only during the summer.
c. In a competitive market, how does a firm make profits if it has no control over price?
Allan Sports sells snowmobiles in a Northern Suburb of the Twin Cities. For the third year in a row sales have been dismal.
The marketplace is saturated with modems, and your sales department has been able to identify only one potential buyer of your modems.
All Company in the industry have identical cost structures - the industry's total cost has fixed cost of 6000 and constant variable cost of 50.
The sum of the frictional and structural unemployment rates is thought of as the find a job because his or her job skills have become obsolete is an example of frictional unemployment
Elucidate the impact of the global financial crisis of 2008-2009 on the economies of industrialised countries and emerging markets. What effect do problems like these have on attitudes towards free trade.
What legal remedy does Sussie have and clare is Max's wife, but after marriage difficulties they have recently separated. Clare has just received a letter from Zio stating that her services are no longer required.
Now suppose that both a second secretary and a second computer are hired. As a result of specialization, the two secretaries together can now type 5 papers per day. Does this firm have increasing or decreasing returns to scale in the current range
What are the advantages and disadvantages of a fixed exchange rate system. What are the pros and cons of a floating exchange rate system.
If the economy is currently in a long-run equilibrium and the central bank increases the money supply, what effect does this have on the aggregate price level Explain why it is important to insulate central bankers from politic..
What is a supply shock.Give an example of a current supply shock. which way does this shock move the AS curve.
Elucidate are the characteristics of the market for lemons.
Determine your interpretation as to whether or not capital gains taxes should be increased or decreased? Should general income taxes be increased or decreased?
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