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How will high entry barriers into a market influence (a) the long-run profitability of the firms (b) the cost efficiency of the firms in the industry (c) the likelihood that some inefficient high-cost firms will survive and (d) the incentive of entrepreneurs to develop substitutes for the product supplied by the firms? Are competitive pressures present in markets with high barriers to entry? Discuss
Elucidate what evidence of excess supply or excess demand can you cite in these examples.
Explain why is it important to take into account changes in the participation rate and in the ratio of full to part time employment in assessing the economic and social impact of changes in the unemployment rate.
Explain and graph how the economy can “fix itself” and move to the long run equilibrium? Will the price level at the long-run equilibrium be greater than, less than, or equal to 110?
Analyze this statement in terms of your assessment of Marx as economist also as a philosopher.
What will happen to price at which fisherman can sell lobsters. What will happen to price paid by U.S. consumers. What will happen to quantity consumed by U.S consumers.
Show the effect of a 50 percent tax on interest income assuming the substitution and income effects cancel each other out. Compute and label all relevant values in your graph.
find out the annual prices of oil for the past 5 years. By what percentage is the current price higher or lower than 5 years ago.
You complain that the current labor contract specifies a full hour for your lunch break and you still have over 15 minutes left.
This means that an individual firm's marginal cost is given by MC = 4q.Also, the market demand is given by how much output will each of them produce?
Wal-Mart is often criticized for importing many of the goods they sell. Why do they buy goods from foreign markets.
In January, root beer and orange soda each cost $1 a bottle. Judith's income is $20. She buys 5 root beers and 15 orange sodas. In February, the price of root beer falls to 50 cents, the price of orange soda increases to $2 and Judith's income remain..
Explain the effect of price ceiling also price floor with reference to the concept of price elasticity of demand.
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