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(a) Explain why scarcity forces individuals and society to incur opportunity costs. Give specific examples.
(b) Suppose a chocolate bar manufacturer promotes its products by advertising and opportunity to win a ‘free car’. Is this car free because the winner pays zero for it?
(c) Why is the production possibility frontier bowed outwards?
Beachfront resorts have an inelastic supply, and automobiles havean elastic supply. Suppose that a rise in population doubles thedemand for both products (that is, the quantity demanded at eachprice is twice what it was.)
IS THE SAVINGS INTEREST RATE OF INTERNET- ONLY BANKS HIGHER OR LOWER THAN THE RATE OF BANKS IN WHICH YOUR DEPOSITS(OR ANY LOCAL BANKS)?
A change in real money supply can result either from a change in nominal money supply through Federal Reserve policy or from a change in the price level.
The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.
Explain the income effect and how this might influence ticket sales for NFL? Do you think Wrigley's will raise or lower their total Revenue by raising prices?
Which of the following factors would most likely explain why a U.S. company would choose to operate in the U.S. despite much lower wages in Mexico.If a monopolist is earning profits, then price is greater than average total cost.
Farmers are often heard to complain about the high costs of machinery, labor, and fertilizer, suggesting that these costs drive down their profits
Method in which Herb could use a cost-benefit analysis to argue for or against an expansion
What is the "current macroeconomic situation" in the U.S. as of 2013 (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.) What fiscal policies and monetary policies would be appropriate at this time
Provide some example of a goods that you purchase or market at your workplace to demonstrate why demand curve slopes downwards and why supply curve slopes upwards?
Southwest Airlines is adding $100 million a yer in new fees. under new rules customers only get a partial refund for missed flights
HoneyBee Farms, a medium size manufacturer of honey, operates in market that fits competitive market definition relatively well.
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