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Cartel agreements tend to break down:
a. During economic downturns. b. Because of price "chiseling" by one or more members c. When there is over-capacity in the industry. d. Because of all of the above.
Dominant price leadership tends to break down:
a. As markets grow and new firms enter the industry. b. As technology changes. c. When the dominant firm decides to make the industry more competitive. d. Both a. and b. above.
The revenues and costs of The Greener Way, a lawn care business wholly owned by Mr. Albert Johnston are listed below. Lawn Mowing $63,000 Aeration $2,000 Labour Cost $30,000 Vehicle Costs $15,000 Lawnmower Maintenance $5,000 Debt-Service Costs $13,00..
The demand for a product is given by P = 350 - 2Q and the supply is P = 30+4Q. What is the maximum value of tax revenue that the government can extract? and What would be the no tax equilibrium price and quantity?
Some economists believe that the world market for some raw materials (like cotton) comes close to a perfectly competitive market. With reference to the world market for cotton, briefly explain THERE reasons why the world market for cotton comes close..
Describe the externality that arises from plastic bags. Draw a graph to illustrate how plastic bags create deadweight loss. With 70 percent of all plastic bags coming from grocery, drug and convenience stores, inJuly 2008, Seattle imposed a tax of 2..
The Clean Air Act of 1972 required some companies to install the "best available" pollution control technologies.
Consider a monopolist in a market with linear inverse demand p(q) = 4 - q/2. The monopolist's cost function is c(q) = 2q. Write down the monopolist's profit function. Compute the profit-maximizing quantity and the corresponding price.
What does it mean when we say that a firm enjoys increasing returns to scale? What are some factors that contribute to a firm achieving increasing returns to scale (or economics of scale) in the long run?
Some economists prefer to use the term businessfluctuations rather than business cycles toSome economists prefer to use the term business fluctuations rather than business cycles to discuss the historical growth record in the united states because..
Consider the market for gasoline. Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $20.50 per hour. Statement Price Control Effect The gove..
Which of the following is not a motive for holding money in? Keynes's liquidity preference? theory?
Explain how a tariff reduction causes an increase in the equilibrium quantity of imports and a decrease in the equilibrium price.
Revenue-sharing in professional sports. Assume that there are two grades of professional football players. There are a limited number of “stars,” whom the fans most want to watch, and an unlimited number of “non stars.” There are too few stars to ful..
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