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Firms that operate in industries that have the characteristics of monopolistic competition of monopolistic competition advertise heavily just to get their brand names known and try to convince customers that their products are "unique" while the products often are only slightly different. Do you consider this to be efficient or is much of the advertising wasted money? Can you think of some products where advertising seldom occurs when consumers could use more information?
The price-quantity combination found where the supply and demand curves intersect is a unique combination that is efficient because
Describe how expectations can influence the effectiveness of discretionary policy. Using an AD-AS diagram, illustrate the short-run effects on prices, output, and employment of an increase in the money supply that is correctly anticipated by the publ..
What is the market equilibrium price and the price each firm gets for its product - What is the equilibrium market quantity and the quantity each firm produces?
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Assume you believe that income is a good proxy for ability to pay. Wha..
Luke has $16 to spend on his lunch at his school cafeteria every week. A slice of pizza (P) costs $2 and a submarine sandwich (S) costs $4. Luke likes an average more than extremes. Draw an indifference curve diagram (place pizza on the horizontal ax..
According to a study, the scale of scores on an IQ test of adults is approximately Normal with mean 98 and standard deviation 17. The organization MENSA, which calls itself "the high-IQ society," requires an IQ score of 130 or higher for membership. ..
Talk about why a government may want to impose price control. But in this case, does the Mugabe government achieve its intended purpose
Some services marketers strongly maintain that service marketing is fundamentally different from goods marketing and that different skills are involved. Some traditional goods marketers disagree, saying, “good marketing is good marketing.” Take a pos..
A multi concept restaurant incorporates two or more restaurants, typically chains, under one roof. What do these numbers imply for decision of when to open a shared facility versus two separate facilities.
Should sports leagues be allowed to remain as cartels? More than 100 years ago, the American legislative leaders decided that it was necessary to pass laws prohibiting "...any combinations or conspiracies in restraint of trade." However, the professi..
Define Indifference Curve and what are the main properties of Indifference Curve? By using Indifference Curve analysis explain how the consumer attains maximum level of satisfaction?
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there is a price floor of 2.94, what would be the consumer surplus in the market?
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