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Compare the efficiency of monopolistic and perfectly competitive markets.
1. Discuss the economic factors that lead to the development of monopolies. Examples of monopolies include electric utilities, railroads, airlines, cable television, and sports leagues. Try to focus your answer on a specific industry.
2. Governments grant temporary monopolies through patents and copyrights to pharmaceutical companies, authors, and artists. Consider the trade-offs that society must make when granting those temporary monopoly rights.
3. Given what you know about perfectly competitive markets, compare the efficiency of monopoly and perfect competition. Which is more efficient? Explain your reasoning and try to illustrate with a hypothetical example.
In this forum, share your thoughts on what you feel is the most important environmental issue we face Be specific and include at least one link to a specific (factual - not a blog) website or internet article that deals with that issue and a brief ov..
A piece of equipment that was purchased two years ago for $59,000 was expected to have a useful life of 5 years with a $5,000 salvage value. Since its performance was less than expected, it was upgraded for $20,000 one year ago. Increased demand now ..
The price elasticity of demand for imported mineral water is estimated to be ?0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign mineral water, causing its price to rise by 20 percent. What is th..
When a computer firm is producing a level of output at which MC is greater than price, from society's standpoint the firm is producing too
Suppose an individual is faced with two goods: income and leisure. The basic wage rate is 8 dollars per hour but if the individual works more than 8 hours a day, he or she get's an overtime pay of $12. Draw the budget line for this individual.
What effect, if any, would each of the following have on the short-run average (ATC, AFC, AVC) and marginal costs of an auto dealership:
Compute the marginal and average tax rates for three individuals respectively earning $70,000, $93,500 and $200,000 annually.
The united states exports a substantial amount of scrap iron and steel to Japan and other countries. Explain Why do some US users of scrap iron and steel support a prohibtion on these exports
Suppose a firm’s technology is represented by the Cobb-Douglas production function F(L, K) = 5LK. The wage rate is $50 and the rental rate of capital is $10. What is the least-cost combination to produce 100 units of output?
The macroeconomic principles we will explore were developed by an English Economist back in the 1930s as a method for bringing Europe and the U.S. out of the Great Depression. If the economy is operating at a point less than full employment (as it is..
He has an endowment of w1 = 100 and w2 = 0 and faces relative prices p1/p2 = 2. If the relative price decreases to 1, what are the Slutzky substitution and income effects on the consumption of good 1?
At the same time some internet trades such as grocery home deliveries have continually suffered steep losses regardless of scale.
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