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Consider the following statements:
A. More people are employed in Tappania now that at any time in the past 50 years.
B. The unemployment rate in Tappania is higher now than is has been in 50 years. Can both of those statements be true at the same time? Explain.
Illustrate what role does each marketplace structure play in the economy.
Expand his shop in that way allowing more customers to be served on a Saturday morning?
Relative to Tom, does Dick require more bananas, less bananas, or the same number of bananas to give away an apple.
Elucidate why an increase in one firm's output tends to deter production by the other.
Assume that the industry is monopolized by only one company. Write the equation of the TR curve and then plot the TR curve(with Q along the horizontal axis and TR along the vertical axis) for this company. Comment on the shape of the TR curve.
Edison Electric Company's president has been arguing that residential electric rates need to be raised relative to industrial rates.
Illustrate what will be the most likely new equilibrium price level and output.
Elucidate how events such as the World Trade Center and Pentagon attacks described in the case study affect the aggregate demand curve.
Explain the essential distinctions among the stages-of-growth theory of development, the Structural change models of Lewis and Chenery.
The Central Bank of Muji wishes to eliminate the recessionary gap while expansionary monetary policy. The central bank can do so by stimulating consumption and planned investment.
Explain how much profit will the perfectly competitive firms earn. Explain how much profit will the monopoly firm earn.
Evaluate why only the convexity of preference relation cannot guarantee that the indifference curve is strictly convex to the origin.
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