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a. Consider a competitive market supple and demand model. If there are no externalities, explain why economists describe the competitive equilibrium an efficient?
b. Suppose instead that all of the firms in this market vent an ozone reducing chemical into the atmosphere as a consequence of their production activities. Is this new outcome efficient? explain with a diagram
c. Do these firms have an incentive to reduce their pollution? Explain with diagram.
d. Modern economists suggest 2 solutions to the pollution problem above. Explain how a pollution tax (use diagram) and an emission permit trading scheme can both "solve" the problem of pollution.
Suppose a monopolistic competitor in long-run equilibrium has a constant marginal cost of $6 and faces the demand curve given in the following table:
Glassware violated which of the subsiquent provision(s) of the Clayton Act and Robinson-Patman Act.
Assume a society manufacture only guns and butter. When it uses all its resources for the production of guns and operates efficiently, it can manufacture 240 guns a year.
Explain how is it that monetary policy, such as open market operations.
A decision by the U.S. to utilize fiscal policy to run a fiscal deficit, chiefly through unprecedented heavy spending, to stimulate the US economy
As an worker of the world bank you have been proposed to research the requirements of a country with a particular economic concern. For this project choose a nation and an economic concern such as population, unemployment etc.
What are the advantages of Fed increasing interest rates if the GDP gap is positive?
Using aggregate supply and aggregate demand examine, describe what effects, if any, the following changes have on each nation's Price Index and real GDP.
Explain why may a government solution to a marketplace failure worsen the market failure.
Illustrate what market did Microsoft have a monopoly in the late 1990s. What technological advances threatened that monopoly.
Elucidate the roles played by total utility and marginal utility.
Define in general the term "internalize the externality" and explain its application in this case. Discuss a policy other than a tax or subidy that could cause individuals to internalize the externality. Explain briefly.
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