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Which of the following is a true statement about the long run difference between a firm in a perfectly competitive market and a firm in a monopolistically competitive market?
a. Only the firm in the monopolistically competitive market will sell its product at a price equal to average total cost.
b. Both will sell their products at a price equal to average total cost, but only the firm in the perfectly competitive market will produce at minimum average total cost.
c. Both will sell their products at a price equal to average total cost, but only the firm in the monopolistically competitive market will produce at minimum average total cost.
d. Only the firm in the perfectly competitive market will sell its product at a price equal to average total cost.
President Bill Clinton assigned his wife to task of developing a national health insurance plan to increase availability of medical care for poor. How would one determine opportunity cost of proposal.
Moral Hazard. There is a risk neutral principal and a risk averse agent. The agent exerts effort a that results in output x = a + , where ∼ N(0; 1). Find the first best level of effort. Calculate the profit of the principal. Solve for the second-best..
To determine horizontal equity, two taxpayers with
Explain how many units of pork will the government be forced to buy to keep the price at $2.25. How much will the government spend in total.
Whenever the economy goes into recession (as occurred most recently in 2008), consumption in the United States decreases. If the economy went into a recession, but you were not directly affected, do you think you might change your consumption pattern..
Can an individual be both pro-union and pro-employer, or does being pro-union mean one has to be anti-employer? Can an individual be anti-union and still legitimately claim to support pro-employee interests?
Steve Slacker is age 25, has an MBA degree, but is not working. Instead he is living at a major ski area, using the $2,000 per week he gets from his wealthy family. Construct a single income-leisure choice graph to show Steve’s situation before and a..
Discuss the industrial expansion of the late 19th century identifying the ways it developed within corporate organizations and how workers responded to these changes both outside of and within labor organizations.
Adam Smith: U(x,y) = xyJeremy Bentham: U(x,y) = xayb (Cobb-Douglas utility function)Alfred Marshall: U(x,y) = ln x + ln y John M. Keynes: U(x,y) = x + yb (Quasi-linear utility function) Joan Robinson: U(x,y) = aX + bY (linear; perfect substitut..
Amanda is entering her last year in college. Her tuition is $15,000 for the year, and she paid for it with her savings which were earning 5% interest. If she graduates with a degree, she will find a job paying $50,000 a year. What are the benefits an..
The U.S. Federal government has been running deficits in the hundreds of billions of dollars which means that the U.S. Treasury is issuing hundreds of billions of dollars in new Treasury securities. If this is all you consider, what are the consequen..
A competitive manufacturer of gadgets has the following production function: What is the profit-maximizing level of output? At this equilibrium, what is marginal cost? At this equilibrium, what is the level of profits? At this equilibrium, what is th..
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