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1 How does monopolistic competition differ from pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and how that, in turn, affects its economic profit.
2 "Competition in quality and in service may be just as effective as price competition in giving buyers more for their money." Do you agree? Why? Explain why monopolistically competitive firms frequently prefer nonprice to price competition.
3 Critically evaluate and explain:a. In monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.b. In the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits.
1. Describe the process by which the market for capital and the market for labor reach equilibrium. What happens to each if demand for the final product were to increase Why 2. Do consumers play a role in perpetuating discrimination in labor market..
What were some of causes of stagflation of 1973 and 1979? In what ways were these episodes of stagflation different from great depression of the 1930s?
Great Dane, a Danish firm, has systematic risk of 0.9 when measured against the MSCI World Market Index. Its systematic risk is 1.25 when measured against the Danish stock index. The expected returns on the MSCI world index.
b.) If the firm faces a horizontal supply curve of labor at W*, how would it determine E*, the equilibrium level of of employment c.) Since it is an upward sloping curve, it will not pick E*. How will it decide how much labor to employ, and how wi..
Adopting the main features of the neoclassical supply of labour, elucidate how these 2 factors may be related.
A change in the real money supply can result from a change in nominal money supply through Federal Reserve policy.
Find the overall change in the economy's money supply if, when the reserve ratio is 5%, the Federal Reserve System buys $250 million of US government bonds from the banking system. What would have been the change if several billionaires deposited ..
If the prices of A, B, and C are $2, $3, and $1, respectively, and the consumer has $26 to spend on these three products, illustrate what combination of the three products should be purchased in order to maximize utility.
John has a job that requires him to travel 3 of every 4 weeks.He has an annual budget and can travel either by train or by plaine Graphically illustrate john's budget line.
Economists says as if economic growth is necessarily a good thing, many question the sustainability and even the morality of ever increasing economic growth.
Dairy farm Industry a small producer of milk and cheese, has estimated the quantities of milk.
Why do national income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production What problem is posed by any comparison over time of the market values of various total outputs
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