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Discuss perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings. Additionally, how does the proliferation of global trade and competition contribute to markets moving more away from market-possessing power to more perfect competition? Lastly, when does marginal social benefit equal marginal social cost and why?
Use both offer curves and a two by two payoff matrix, estimate the optimal foreign economic policy of a hegemon.
Fastly Delivery Corporation has two divisions.
At a product price of $56, will this company produce in the short run explain why or why not? If it is preferable to produce, what will be the profit-maximizing or loss minimizing output
Both Market A and B have the same demand curve of Qd = 400 - 20 Pd where Pd is the price customers pay and Qd is the quantity demanded.
Can you find an example of natural resource policies (in the USA or elsewhere) that attempt to achieve efficient rates of harvest for renewable resources?
If an owner of a industry wanted to make a trip for non-business use and their lost wages was not tax-deductible.
Elucidate the difference between the law of demand and the law of supply. What does the phrase 'other things equal" mean? Why do we need that.
A monopolistic producer supplying raw materials to two industries one with a lower price elasticity of demand and the other with a high price elasticity of demand, practices to prevent its low price elastic consumers (who have more elastic demands..
At this level of real GDP, consumption will be $___, and savings will be $___. If GDP were to increase by $1000, consumption would increase by $___. (round your responses to the nearest dollar.) At a real GDP levelof $6000 the average propensity to..
Illustrate what was the economy's biggest risk--inflation or unemployment.
In "The Consequences of Mr. Keynes," James Buchanan and Richard Wagner argue that the "unwritten fiscal constitution" of an annual government balanced budget helped restrain the growth in government, but the Keynesian argument for a balanced budge..
Explain why would economists be very concerned if the annual interest payments on the debt sharply increased as a percentage of GDP.
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