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As the number of firms in an oligopoly increases,
a. each seller becomes more concerned about its impact on the market price.
b. the output effect decreases.
c. the quantity of output becomes closer to the socially efficient quantity.
d. All of the above are correct.
You are asked questions about 5 mutually exclusive candidates described as follows (all quantities are in thousands):Candidate 1: Present worth of costs = $1,000; Present worth of benefits = $8,000
Economic surplus could be increased at a higher price because firms would generate more revenue.
Demand shifts right when:
price is greater than marginal cost and average total cost is not at a minimum. How would it be possible to ‘eliminate' this waste. What would we have to give up.
Derive the simple bid-rent function for a model with only firms. Illustrate what factors can cause the city to grow larger.
Suppose that the equilibrium nominal exchange rate is 130 Japanese yen to the U.S. dollar. If the Federal Reserve wishes to maintain an exchange rate of 140 Japanese yen to the U.S. dollar, it must meet the private excess ________ dollars in the fore..
When comparing the distribution of wealth to the distribution of income, it can be noted that
Real wealth which capitalists pull out of market must somewhere enter market. What is this hidden mechanism.
Describe the common allegation that when all firms in an industry are charging the same price, this indicates the absence of competition and the presence of someform of price-setting agreement
a researcher reported that he had found the demand curve for kerosene to be upward sloping.-as the price of kerosene rose the quantity demanded of kerosene increased. Illustrate what questions might you have for this researcher.
Consider a health insurance contract offered to a population of risk averse people. People in the population have different risks for illness and this is known to each person but is unknown to others. Would the market for this health insurance produc..
The market demand curve is Q = 38 -P. There are two firms: firm1 and firm 2. One has MC=2 and the other has MC= 5. They choose outputs simultaneously (the cournot model).What output is chosen in equilibrium
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