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Compare the elasticity of a monopolistic competitor's demand with that of a pure competitor and a pure monopolist. Assuming, identical long-run costs, compare graphically the prices and outputs that would result in the long run under pure competition and under monopolistic competition. Contrast the two market structures in terms of productive and allocative efficiency. Explain: "monopolistically competitive industries are populated by too many firms, each of which produces too little."
Illustrtae what situation in which both parties entering into a contract could benefit from slightly ambiguous language contained in the contract.
What would happens to Hi-Tech's profits and the price of books in the short run when Hi-Tech's patents prevents other firms from using the new technology.
Illustrate what were some changes of the demand also supply fconditions that lead to the housing market bubble and collapse
What would be the effects on employment and unemployment given the actions taken by the Fed.
A technological innovation that lowers the cost of producing a good might seem at first to result in a reduction in the price of the good consumers. But a fll in price will increase demand for the good and higher demand will send the price up agai..
Assume that the MPC is .8 and that $10 trillion of real GDP is currently being demanded. The government wants to increase real GDP demanded to $11 trillion.
Elucidate a firm competes in the market. Does the firm engage in price or non-price competition
Suppose the only firm in an economy produces $10 worth of final goods in a year and only sells $9 of goods that year. We know that GDP can be equivalently be thought of as either total spending on new goods and services in an economy.
Illustrate what does this suggest about the natural free trade pattern of specialization in Argentina. i.e. would we expect that it would be a net importer or exporter.
Calculation problems should be proven by showing the process you used or the formula you applied to solve the problem.
Graphically illustrate short-run supply. Also include on your graph the long-run aggregate supply curve. At what point must the short-run aggregate supply curve and the long-run aggregate supply curve intersect.
Florida Citrus Mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to price and output of Florida oranges under situations below.
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