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A barrier to entry is A. anything that protects a firm from the arrival of new competitors. B. the economic term for diseconomies of scale. C. illegal in most markets. D. a factor that increases competition because firms must continue to operate in the market in which they were founded. E. the same as rent seeking.
Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, where P is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q. Suppose coal mining produces an external marginal user cost. This cost equals ..
Consider and economy with the following production technology: Y = 9K1/3 L2/3 , where the aggregate capital stock is K=100, and aggregate labor is L=100. The price of output is 1. a) Compute the equilibrium wage and capital return. b) Compute total p..
In many ways, courts are expected to be apolitical institutions of government. In what ways are courts, judges, and justices shielded from political pressures? In whats ways are they vulnerable to political pressures? Are the courts appropriate place..
A firm production function is given by q = f(k,l) = k.l^1/2. Consider a short-run situation where the level of capital is fixed at k1. This firm’s profit function is of the form Π(p,v,w,k1) = a(w^b)(p^c)(k1^d) – vk1, where factor a is equal to [a]. U..
From time to time, governments launch some economic policies to stimulate the economy. In recent years the US government has initiated economic stimulus packages to help the sluggish US economy. Among other thing, these packages include a one-time pa..
What are some difficulties with fiscal policy approach? (Budget deficit, crowding out, time lags) Explain. How an expansionary monetary policy can help fiscal policy in stimulating the economy? Explain.
Think about the eight symptoms of "GroupThink" as discussed in the text. Have you experienced these symptoms in groups that you are a part of or are aware of? How was the decision affected?
If a small bank's liabilities are long-term while its assets are short-term, when interest rates rise the value of the bank's assets:
Explain how simultaneous shifts in demand and supply curves could explain this situation: A pest attack on the tomato crop increases the cost of producing ketchup. A mild winter causes cattle herds to be unusually large, causing the price of hamburge..
Sandra is an inexperienced teaching assistant who frequently gets mixed up when explaining macroeconomics. When trying to deliver the following statement, Sandra draws a blank.
A merger will likely lessen competition if
It has been argued that in the long run monopolistic competition is inefficient because
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