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In the long run, what happens to the demand curve facing a monopolistically competitive firm that is earning short-run profits? a. The demand curve will shift to the left and became more elastic. b. The demand curve will shift to the right and became more elastic. c. The demand curve will shift to the left and became less elastic. d. The demand curve will shift to the right and became less elastic.
Explain the meaning of a Nash equilibrium when rms are competing with respect to price. Why is the equilibrium stable? Why don’t the firms raise prices to the level that maximizes joint prots? What is the DWL in this model?
q1. suppose that there are two products soda along with clothing. both brazil and the united states produce each
q1. compare and contrast inflation and deflation. what are some of the damaging effects that each has on an economy?
Domestic produces often base their claim for import protection on the fact that workers in country X are paid substandard t wages.
What is your reaction to the world of Lucy and Ricky as presented in "I Love Lucy" ? Lucy is a natural character for this era of television, but Ricky was considered somewhat risky because of his birth and background. What is your opinion of his port..
Consider an economy in which people wish to hold money balances worth a total of 5 million goods. They are indifferent between money issued by the central bank and money issued by private banks (as long as both offer the same rate of return). What ra..
Suppose a Lexus LS400 and a Mercedes C300 are considered to be of equivalent value. The Lexus sells for 6,000,000 Japanese yen in Tokyo and the Mercedes sells for 50,000 euros in Stuttgart. Using the purchasing power parity theory, explain the exchan..
Consider a world with two countries, A and B, in which consumers are obsessed with the consumption of YokiPooki, which is considered to be the latest and greatest in VR entertainment. The two counties are identical: each has an aggregate demand for Y..
M=2A+3.5R where M stands for units of migraine pain improvement, A stands for units of acupuncture treatment and R stands for migraine prescription pills. Please draw the health production graph implied by this equation, for some given level of M. Pl..
If it had doubled its land as well as labor, production would have been 325000 bushels. Does it have increasing, decreasing or constant returns to scale.
Smith, Ricardo, Malthus, and Marx had strikingly different views of the long-run tendencies of the capitalist system. Carefully discuss the vision of the future development of capitalism associated with each writer. Include in your discussion the pol..
Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is indentical, with Total Cost TC= 1+0.5Q+2Q? Identify the consumer and producer surplus on the..
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