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A few large companies, and a few small companies. The competition still exists amongst these firms in terms of product/ service, etc. What one firm does will impact the others. Entry and exist into these industry is difficult. Why? Because economies of scale has been established all ready...making it VERY expensive for other firms to enter into the industry. ---A branch of oligopoly is called a Cartel--- Same attributes of a oligopoly, however, there is now cooperation within the firms (cooperation with output, marketing, distribution and marketing).
Some economists argue that unemployment is largely voluntary and other say it is largely involuntary. Pick a point of view and argue for it. Feel free to use real examples for your answer, be sure to address the other side as well, that is not only w..
A June 10,1996, Wall Street Journal article titled “Americans Eat Up Vitamin E Supplies” discusses the shortage that existed for vitamin E at this time. According to the article, the shortage was created by two changes in the marketplace. First, the ..
During recent years, MicroChips Corp. has enjoyed substantial economic profits derived from patents covering a wide range of inventions and innovations for microprocessors used in high-performance desktop computers. Calculate the profit-maximizing pr..
Analyze the following ideas graphically and explain any fallacies that may be stated. An increase in demand will cause price to rise, with a rise in price, supply will increase and the increase in supply will push price down. Therefore, an increase i..
Governments often need to raise revenues to fund public projects like schools, road maintenance, parks, etc. One way governments raise revenue is to place taxes on the sale of certain goods. Suppose a government is debating whether to raise taxes on ..
The market supply curve for rubber erasers is given by Q_S=1+2P, where quantity is measured in thousands. The demand for rubber erasers can be segmented into two components. The first component is the demand for rubber erasers by art students. Derive..
How much the quantity of a good traded changes after a shift of the supply curve depends on the size of the shift.
Present one argument for and one argument against the continuation of state regulation of insurance as well as one argument for and one argument against federal regulation of insurance. How does the Appleton Rule factor in your arguments?
A retired junk yard operator, Edsel Studebaker, recently died and left his entire fortune of $12,300,000 to a trust to establish a junk car museum. The trustees must decide how to spend it. Land can be purchased for $180,000 now. how many cars should..
In Winona, a gallon of gasoline at Kwik trip sells for $2.279. In the east end of Rochester, Kwik trip sells gasoline for $2.179 per gallon. Using demand and supply curves, explain the price differential between the two ends of Rochester. Is this d..
Which of the following arguments strengthen the idea of floating exchange rates? A. Trade deficits can be corrected through changes in exchange rates. B. Changes in exchange rates will not impact the trade balance in the country. C. Governments shoul..
What is the main reason why a tiger is near extinction but chickens are nowhere near extinction? When a negative externality is present in a market. When we say the cost of production is $50, what is meant according to economic principles? Consumers ..
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