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Suppose that a firm is in an industry which has a very rapid rate of growth (in sales and output), and is characterized by technological change and innovation. Firms attempt to maximize profits causing new firms to enter the industry attracted by profit potential. The result is that profits are competed away, leading to even greater innovation and change. Is there a limit to this continuous change? Will the structure of the market change? Explain
Briefly explain why firms that pursue cost leadership or diffentiation achieve returns that are about equivalent, have higher returns, and firms that are stuck in the middle have the lowest returns?
The economy is starting from equilibrium. The following shocks then hit the economy in order: interest rates rise, business taxes increase, and there is an expectation among consumers that there will be a severe increase in inflation over the coming ..
Which of the following is the BEST example of a pure public good?
What is the greatest advantage to business owners of a corporation vs. other business entities? Which business entities require permission from the state to become created? What is the basic governing document of the modern corporation?
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 gove..
Imagine that you are a manager running a unit in a rehabilitation center. Up to this point, your primary population of payers has been elderly patients who come into the center for physical therapy. What potential solutions would you suggest to your ..
Question 1 When resources are used to secure monopoly rights through the political process: Question 2 Refer to the accompanying table, which represents the costs and production for a monopolist, to answer the questions that follow. The profit made..
Consider two workers with identical preferences. Phil and Bill. Both workers have the same life cycle wage path in that they face the same wage at every age, and they know what their future wages will be. Leisure and consumption are both normal goods..
Lenny was a resident of Maine and Milly was a resident of Arizona. Both went on vacation to Nevada. When on the golf course, Lenny drove the golf car recklessly, hit Milly, breaking her back. Milly suffered damages of $84,000. Indicate which states c..
To make ends meet your economics instructor runs a telephone service, 1-900-psychihelp. Incoming calls are directed to available 'psychic' who work from their home and utilize their own telephone (not to mention their very special 'psychic' talents.)..
There have been many media reports regarding the rise of discrimination against Arab-Americans in the United States since the 9/11 Terrorist Attacks. What can management do to fight this discrimination, and what must organizations do by law to fight ..
You have been asked by your supervisor to evaluate a new proposal designed to cut costs. Under the plan, workers would be paid a fixed wage of $8 per hour.
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