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A firm, which is the only supplier of a good located in a particular town, is accused of engaging in anticompetitive tactics in order to protect its monopoly position in that town. As part of its defense, the firm has argued that the geographic antitrust market includes a larger neighbouring city with multiple firms. The defense offers two pieces of evidence in support of its larger geographic market: (1) the correlation coefficient between the price in the town and the nearby city is 0.95, looking at weekly prices for recent years, and (2) a recent survey of consumers in the town, conducted by the firm's marketing branch, revealed that a 5% increase in prices above current levels would be unprofitable because too many consumers would switch to purchasing from the city. In this larger geographic market, the firm's market share is low. Therefore, the defense claims, the firm does not have the market power necessary to carry out anticompetitive practices or to make them worthwhile. Offer a critique of the firm's arguments regarding market definition. Can we conclude that the relevant geographic market is larger than the town based on the evidence presented? NOTE: the defense's arguments may be flawed for multiple reasons.
What are the advantages and disadvantages of a fixed exchange rate system. What are the pros and cons of a floating exchange rate system.
Discuss what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
Calculate the nominal GDP in 2005 and 2006 Tropic Republic and calculate the GDP in 2006 using the method of the base year prices.
economists also the public at large normally think of skill-level having having an inverse relationship with unemployment.
A price-discriminating monopolist of the 3 rd degree sells output in 3 different markets. Some, but not all pairs on the 3 linear market demand curves are given below.
Give a brief summary of the GDP trends over that timeframe and discuss two or three events which may have caused these trends.
What was the nominal interest rate last period (before the cuts) if the real rate was equal to the marginal product of capital?What happens to the real rate of interest this period (after the cuts) if the Federal Reserve does nothing to change the n..
Describe their organizational structure and what market entry strategies each of these companies are currently using.
Illustrate what is the short-run equilibrium real GDP and price level. Does Japan have an inflationary gap or a recessionary gap and what is its magnitude.
Under what conditions does a nominal tariff applied to an import product overstate or understate the actual, or effective, protection afforded by the nominal tariff? Less-developed nations sometimes argue that the industrialized nations' tariff st..
Assume Smith owns and works in a bakery located next to an outdoor cafe owned by Jones. The patrons of the outdoor cafe like the smell that emanates from the bakery.
Discuss three ways in which the Federal Reserve can change the money supply.
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