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George says, "If the amount of product differentiation in a monopolistically competitive industry is very small, the outcome in that market will not be very different than if it were a perfectly competitive industry." Explain if he is correct and how you would respond to his reasoning.
Why does representative democracy often tax some people in order to provide benefits to others When governments become heavily involved in tax-transfer activities, how will this involvement affect economics efficiency
Toby can produce 5 gallons of apple cider or 2.5 ounces of feta cheese per hour. Kyle can produce 3 gallons of apple cider of 1.5 ounces of feta cheese per hour. Can Toby and Kyle benefit from specialization and trade? Explain.
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
Illustrate how critical issues such as process formation, communication, communication channels and personal values may affect a team's structure and success.
a how would a regular lm curve be affected if the private sector demand for money balances increased following
Consider the situation of the concept of Green energy policy and conservation. What is the issue at hand and what are they hoping to do? Explain. What are the anticipated benefits of using the electric cars and the new florescent light bulbs?
After a nation's (not USA) foreign-capital flows are frozen, a large international supply of USD dollars shows up. What happens to the quantity of USD dollars demanded.
What is the value of APC at income level Z, at income level RM 2000, what is the value of APC
A firm producing hockey sticks has a production function given by Y= \(2\sqrt{KL}\) in the short-run, the firm's amount of capital equipment is fixed at K = 100. The rental-rate of capital is $1, and the wage rate is $4.
1. Consider the following AS-AD short-run framework. Assume that up to period t = 2000 the economy has been resting at the long-run equilibrium (Point A). The Fed. decides an expansionary policy with shifting AD curve to the right (AD2000 =⇒ AD200..
The Subway fare in your town has just been increased from a current level of .50 cents to a 1.00 per ride. As a result, the transit authority notes a decline in ridership of 30%. a. Compute the price elasticity of demand for subway rides.
Identify the flaw in this analysis: "If more Americans go on a low-carb diet, the demand for bread will fall. The decrease in the demand for bread will cause the price of bread to fall.
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