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"Several years ago there were a few lawsuits contending that Microsoft was exercising illegal monopoly power when it required computer manufacturers who installed Windows to include Internet Explorer. Microsoft maintained that it was a "natural monopoly," (see part 10.1 of the digital text; sometimes defined as an industry with such large economies of scale that a single firm producing the good is most efficient), and because of this it was operating in a manner that was best for society (most efficient). Do you think Microsoft was a "natural monopoly" at the time? Do you accept their argument? Why or why not? Can you name any "natural monopolies?" Explain in detail and use examples along with resources.
Betson Enterprises distributes and markets the Big Buck video game, which allows players to "hunt" for elk, antelope, moose, and bucks without shivering outside in the cold. E-sports Entertainment in NYC purchased five machines for $6300 each and too..
What is the profit of each firm in equilibrium (problem 14)? REMEMBER THERE ARE NO COSTS
Crowding out occurs when
Suppose a firm's demand curve is given by P = 120 - 0.5Q. Find the (value of) price elasticity of demand (point elasticity) for the demand curve when the price is $100. Is demand elastic or inelastic? Please list steps and explain why demand is elast..
Suppose the investment demand function changes and is now I=700 – 50(r). The new value of equilibrium output is.
Union B faces a demand curve in which a wage of $6 per hour leads to demand for 30,000 person hours, whereas a wage of $5 per hour leads to demand for 33,000 person hours. Which union faces more elastic demand curve.
The federal government calculates the budget on a fiscal year that begins each year on October 1 and ends the following September 30. At the beginning of the 2005 fiscal year, the Congressional Budget Office [CBO] forecast that the federal budget def..
Describe the stakeholders involved in this ethical dilemma. What stake do they have in the situation? Are Bill's actions an ethical issue, a legal issue, or both? Explain your reasoning.
Suppose that the Organization of Petroleum Exporting countries raises oil prices by 50% What effect will this have on the U.S. aggregate demand curve? On the U.S. short-run aggregate supply curve?
The absolute value of Mars' MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
Determine the intercept coefficient (point E) and whether that estimate is statistically significant at the 5 percent level.
Suppose that the manager of a paint supply store wanted to estimate the correct amount of paint contained in one-gallon cans purchased from a nationally known manufacturer. It is known from the manufacturer’s specifications that the standard deviatio..
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