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1. Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case, justify your classification.
2. "Even if a firm is losing money, it may be better to stay in business in the short run." Is this statement ever true? Under what condition(s)? How does this relate to the "shut-down rule?"
3. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain why price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive.
4. "That segment of a competitive firm's marginal-cost curve that lies above its average-variable-cost curve constitutes the short-run supply curve for the firm." Explain using a graph and words.
The following information describes the value Lori Landlord places on having her five apartment houses repainted. She values the repainting of each apartment house at a different amount depending on how badly it needs repainting. Value of new paint o..
Suppose that a pay equity plan has just been put in place in your organization. The pay equity consulting firm did a job evaluation and assigned points to each of the male-dominated and female-dominated jobs.
The economy of Britannica produces three goods: computers, Blu-rays, and pizza. The accompanying table shows the prices and output of the three goods for the years 2012, 2013, and 2014.
Explain how you would calculate the price elasticity of demand of gasoline? In general terms, explain how consumer and producer surplus will change as a result of this price increase?
The town council of the suburb of Happy Valley has concluded that to breakeven from a fiscal point of view, a new housing unit must have a taxable value (v*) of $250,000. Land in Happy Valley currently sells for $40,000 an acre ( r). Using the rule o..
A bulldozer can be purchased for $380,000 and used for 6 years, when its salvage value is 15% of the first cost. Alternatively, it can be leased for $60,000 a year. Remember that lease payments occur at the start of the year. The firm's interest rate..
Describe the relevant criteria that the Australian Bureau of Statistics use to determine whether a person is ‘unemployed' and what problems do you see using this measure?
What can it be sold for now if a buyer's desired return is 4 percent per 6 months?
Define the terms listed below. You should write a paragraph explaining each concept as if you were writing for your 15-year-old sibling (or a high school textbook). Fiscal Policy, The Multiplier Effect, Full Employment, Automatic Stabilizers
Using shifts in supply and demand curves, describe how a change in the exchange rate affected your industry. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing.
When comparing perfect competition and monopoly, a major assumption made is that
Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else constant. A decrease in the price of cereal (Movement Along or Shift?)
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