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1. Tacit collusion is likely to occur when firms have different market shares. true or false?
2. Suppose walmart buys fresh roses from several hundred small backyard gardeners in California.These gardeners are very likely to be able to engage succesfully in tacit collusion. True or false?
3.Toby operates a small deli in a monopolistically competitive restaurant industry.In long-run equilibrium, the profit maximizing price of the three-meat sandwich is 3$.Price also equals his average total cost.Toby's minimum average total cost is less than $3. true or false?
4. Relying on brand names will always lead consumers to the best consumption choices if they buy the brand name rather than a cheaper substitute. true or false?
5. If perfectly competitive firm chooses its level of output so that the price equals marginal revenue, the value of the marginal product of labor will equal the wage rate. True or false?
there are 20 million households in country x and 4 million of them are below the poverty line. what is the poverty
Suppose Bruce Springsteen's objective in choosing whether to auction the tickets or to set a price of $100 is to maximize the market consumer surplus. Which does he choose: an auction or a $100 price
You have decided to purchase a small tract of land for building a new home on the outskirts of town. You have some money available but need a loan of $18,000 to make the purchase. The land will be owner-financed over 4 years with end-of-year payme..
Suppose that Amber's demand for gasoline is given by G = 1000 - 200PG, where G stands for gallons of gas and PG represents the price of gas. a. Suppose gas sells for $2 per gallon. What is Amber's consumer surplus
Calculate the change in u (ut - ut-1) for each of the following values of gyt: 5%, 7%, 9%. How much has output growth increased? What happens to the change in unemployment due to this increase.
At the end of each year, a worker invests $2,000 into an account the draws 4% interest. The worker makes every payment for the next 30 years except for the payment at the end of year 10. That is, no money is invested at the end of year 10. How muc..
a small business which produces plastic vacuum-suction covers for round household dishes has a monopoly that is
A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust the amount of capital it is using, but it can adjust the size of its workforce. What happens to the firm's average total cost curve,
The price of milk at the supermarket is px = 4$/liter. The price of cereal py is 0.2cents/gram. If supermarket allows Bob to use an unlimited number of coupons. Coupon: "Buy 1 liter of milk and get 1 box of cereal for free". A box of cereal has 20..
Calculate the slope of the AE curve and the size of the multiplier if MPS = 0.20. Then, calculate the revised slope of the AE curve and the multiplier when you know that the imports and the marginal tax rate will reduce the slope of the AE curve b..
the table below sets out some data for country x in 2007.nbspnbspnbspnbspnbspnbspnbspnbsp item nbsp nbsp nbsp nbsp
What is the expected revenue of the seller when r = 1 and what is the optimal reserve price r for the seller, and what can you conclude about the value of reserve prices?
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