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1. The central coordination problems are focused primarily around the distribution of goods only, not the production of goods.
True
False
2. Production possibility curves are generally bowed outward because marginal opportunity costs generally increase as more of an activity is undertaken.
Which outcomes are Pareto efficient
Bargaining outcomes in a market-related situation are in general indeterminate and not obvious to the parties in the negotiation. Develop a bargaining situation from which you would conclude that access to market-related information does in fact a..
In 1914, Ford Motor Company doubled its wage to $5 per day, a rate that was considerably above the average wage at that time.In terms of efficiency wages, explain why Ford would have had an incentive to do this.
What will price and ouput be if there is no dominant firm Now assume that there is a dominant firm, whose marginal cost is constant at $6. Derive the residualdemand curve that it faces and calculate ots profit-maximizing output and price.
In 2006, Willem de Kooning’s abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, “If a painting can be forged well enough to..
How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)
Which of the following kinds of unemployment is the hardest to reduce?
What is the dollar value of the deadweight loss when output level Q3 is produced? What is the dollar value of the total surplus when output level Q3 is produced?
with the current u.s. economy in a weakened state many companies are reluctant to implement any capital improvements or
Beer and pizza are complements because they are often enjoyed together.When the price of beer rises, what happens to the supply, demand, quantity supplied, quantity demanded, and the price in the market for pizza
consider a competitive market with the demand equation p 12 - q and the supply equation is p q. what is the market
Determine if the benefits of free trade outweigh the drawbacks, and what could be done to address the drawbacks (if anything). State whether you believe fair trade is a fad or a trend. Provide support for your reasons.
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