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Which sentence best tells the effect of scarcity on economics? A. Scarcity shapes decisions about how to distribute goods. B. Because resources are scarce consumers buy fewer goods. C. Scarcity makes people work harder to make more money. D. The existence of scarce resources forces people to make choices.
Why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run?
how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welfare of consumers, the monopoly and society?
Marketing mix is controllable set of activities that the firm employs to respond to the wants of its target markets. Make a report on the marketing mix and keep the following questions in mind:
Compute the Modified BCR for MM. Compute the Modified BCR for PP. Which alternative should NJGSP choose and why?
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
Cammco Industries operates in a large competitive market. While there are some other comapnies in industry due to the high fixed costs of building plants, rival companies are very aggressive in their pricing strategies.
At what output is AVC at minimum? If the market price of firm's output is $7 per unit, should the firm produce or shut down?
You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run. How would you respond to the following scenarios?1. A surprise increase in investment spending 2. Catastrophic floods that ..
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
How does an increase in population affect potential real GDP? In your answer, be sure to mention the role played by the labor market.
If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent, and cyclical unemployment of 2 percent, what is the natural rate of unemployment? Where is the ec..
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