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Decide whether each of the following statements is True, False or Uncertain, and give a brief but clear explanation to support your answer: A) A Monopolist's long run supply curve is that portion of its long-run marginal cost curve above its long-run average total cost curve. B) Whenever a firm has market power and can set its own output prices, deadweight loss will ocurr. Therefore, any firm having market power reduces economic efficiency compared to a perfectly competitive market outcome. C) Lady D is planning to bid on an antique piece of fine jewerly in a second price sealed bid auction. Lady D's private value for the antique jewerly is $10,000. Lady D should bid no more than $10,000 for the antique jewerly. D) Deductibles and cost sharing copayments are tools used by insurers to mitigate or counter the effects of consumers' adverse selection into health care insurance plans. E) Greater diversity among suppliers makes collusion more likely to emerge, since there is more likely to be something for everyone in the market. F) The demand for refrigerators is characterized by a partial adjustment process (inertia). Suppose a $250 tax is imposed on new refrigerators. The share of the burden of this tax borne by consumers (as opposed to producers) will rise. G) Consider a Cournot game in which a Prisioners' Dilemma like payoff matrix is repeated a known finite number of times. In such case, a tit-for tat strategy is optimal. H) If a firm having market power charges a price for its output that is less than its marginal cost, it should shut down and cease production.
in the globalizing economy of the late 20th and early 21st century liberalized trade has been sought by way of regional
Government decreases current tax, while holding government spending in the present and future constant. (a) How does this effect aggregate output, employment and the real wage What is the multiplier and how does it differ from the government expen..
international trade has pros and cons.nbspeconomists generally support free trade.nbspinternational trade has played a
Draw a diagram showing how the market equilibrium will change if the marginal social costs of a polluting production activity are included rather than just the marginal private costs of that activity.
Discuss the characteristics of Great Britain's economic relationship with India in the 17th and 18th centuries? How would you describe their success in their competition with Dutch?
build and validate a multiple regression model.explicitly describe the following choose the dependent as well as the
1 tell how they combine to insure that in the long run a firm in a perfectly compitive industry make zero profit and is
given the following macroeconomic modely c i0 g0 equilibrium income yc a by-t consumption
If Starbucks raises its price by 7 percent and McDonald’s experiences a 0.3 percent increase in demand for its coffee.
select a firm whose stock is publicly traded on a u.s. stock exchange. what strategic changes has this firm made over
Would increased cost inflation in the U.S. relative to its major trading partners likely increase or decrease the value of the of the U.S. dollar? Why?
suppose that the reserve requirement ratio is 5 and that the fed uses open market operations by selling 100 million
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