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A key determinant of the price elasticity of supply is the:
a. number of close substitutes for the good in question.
b. definition of the market.
c. length of the time period.
d. extent to which buyers alter their quantities demanded in response to changes in their incomes.
Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?
Suppose that each country has 100 workers and completely specializes in its comparative advantage. How many units of output of sippy cups and binkys will each country produce?
q. throughout history the most popular form of money has been gold.a. give three reasons why gold has been such a
Can you give examples of the companies that have high pension costs. Why are companies using more technology input while reducing labor input. Explain why are the Average Cost Curves U-shaped.
Our recent recession seems to demonstrate again that expenditures and incomes depend on each other. If markets do not self adjust, how can a decline in spending lead to a negative process that ruins an economy? (Consider referencing the "Keynesian Cr..
Trang has strictly convex indifference curves and is indifferent between the bundles (16, 2) and (2, 4) Use the definition of strict convexity to show that Trang prefers (9, 3) to (2, 4).
Explain the types of incentives for providers for efficiency in the delivery of healthcare services.
Based on your knowledge of aggregate demand and aggregate supply, suggest the reasons and causes for the downward tailspin of the economy. Provide support for your response.
The high rates of unemployment and business bankruptcies during the Great Depression of the 1930s caused a dramatic increase in government intervention in the economy of the United States. What was the original intent of this government intervention?..
Explain a worker’s labor-leisure choice associated with a wage decrease (assuming non labor income does not change). Illustrate the income and substitution effect associated this wage change on an appropriate graph. Label all curves and axis.
What do monopolistic competition, pure monopoly, and perfect competition have in common?
The fact that a consumer is not required to buy the goods that a given firm produces, as well as the fact that the consumer might want the goods a firm produces, but may choose to buy from other firms instead.
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