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Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the supply and demand curves. Draw a diagram to illustrate what actually happens in each situation.
a. A technological innovation that lowers the cost of producing a good might seem at first to result in a reduction in the price of the good consumers. But a fll in price will increase demand for the good and higher demand will send the price up again. It is not certain, therefore, that an innovation will really reduce price in the end.
b. A study shows that eating a clove of garlic a day can help prevent heart disease, causing many consumers to demand more garlic. this increase in demand results in a rise in the price of garlic. Consumers, seeing that the price of garlic has gone up, reduce their demand for garlic. This causes the demand for garlic to decrease and the price of garlic to fall. Therefore, the ultimate effect of the study on the price of garlic is uncertain.
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of d..
Why is economics considered a social science? What role does economics play in your personal and professional lives?
Are better than budget deficits over the long run because unlike budget deficits, they increase saving and investment.
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
As of 2011, 38 percent of black children under the age of 18 were living with both parents, while the corresponding figure for non-Hispanic white children was 77 percent. In addition, the existence of racial residential segregation results in blac..
Will there be economic profits in the long run in a monopolistic competitive market? Explain your answer. " Firms in monopolistic competition are not producing at minimum average cost. They are said to have excess capacity." Explain the statement...
Define Q to be level of output produced and sold, and suppose that the firm's cost function is given by the relationship;
Sheldon Corporation loans $80,000 interest-free for one year to Lynn, an employee. Assume that the applicable federal rate of interest is 5 percent. Lynn uses the loan to pay for personal debts.
What two conditions are required for effective competition in a market? How does competition limit the abuse of economic power by self-interested individual buyers or sellers?
Player 1 makes the first offer of how to split a surplus of 1, followed by either acceptance or rejection of this offer by player 2. Acceptance ends the game, and the surplus is divided as agreed. If player 1's offer is rejected, player 2.
country y has a fixed peg against the us. this decision was made in year t-3 to counter sticky double-digit inflation
What are the public policies aimed at combating organized crime to eliminate business opportunities for the organized firms. What are some examples of the implementation of this policy? Has it been successful
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