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An oligopoly market consists of:
a. many firms which produce a standardized product.
b. firms which face perfectly elastic demand curves.
c. at least five firms one of which dominates the market.
d. firms that make independent pricing and output decisions.
e. a group of firms that dominate the market.
Hemingway's Hot Dogs sell for $2.00 each. The hot dogs cost Hemingway $0.95 and commissions are $0.15 per hot dog. How many dogs must Hemingway sell if his fixed costs for the stand and rent are $3,500?
Consider a market whose supply and demand curves are given by P = 4Q ^S and P = 12 - 2Q^D. Calculate the equilibrium price and quantity (P* and Q*) assuming the market is unregulated. What is the total surplus at the equilibrium? Calculate the price ..
Pros and cons of active stabilization policy using fiscal policy. What are the benefits and cost or each option? What are the political problems with using fiscal policy?
Which of the following best illustrates the mutual interdependence among firms in the airline industry?
Take a position on this statement: The media represent realistic images of Arabs. Support your views with one or two reasons and / or examples. (Cite any sources you referenced.) take a position on this statement: The media represent realistic images..
If the demand for a commodity is elastic, an increase in the price of the commodity. Assume the cross price elasticity of demand for products A and B is positive.
What point on the graph is most likely to result from the introduction of technological improvements in bicycle assembly, and successful publicity campaigns by the government on the virtues of bicycling to work.
If exports are greater than imports, would this increase or decrease GDP using the expenditure approach? What does this mean? Explain in words and with a graph what will lead to a decrease in the quantity supplied. Be specific.
Is this enough information to classify the industry as an oligopoly? Is a high concentration ratio evidence that an industry is not competitive?
Oligopolies are always bad for society. The beer industry has a few large firms and many small firms; therefore we would not call it an oligopoly.
Suppose we look in the newspaper and find the following rates: the rate on 1-year securities is 4.65%, on a similar 2-year security 6.24%, and a 3-year security 6.67%. If the unbiased expectations theory of the term structure of interest rates holds,..
What's the point of creating new bills with more security measures to prevent counterfeiting? If the old bills are still acceptable as currency, why would anyone even try to counterfeit new banknotes with all these security features?
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