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Other things equal, if more firms enter a monopolistically competitive industry:
a. the demand curves facing existing firms would shift to the left.
b. the demand curves facing existing firms would become less elastic.
c. the demand curves facing existing firms would shift to the right.
d. losses would necessarily occur.
You are the owner of a clothing retail store in Manhattan that sells brand name clothes, including high-end clothing brands. Your retail salespersons are paid a mean hourly wage of $12. Over the last several months, your sales have significantly decl..
If the marginal product of the 4th worker hired is 6, and the marginal product of the 5th worker hired is 4, you should not hire the 5th worker because your profit would decrease since the 5th worker’s marginal product is less than the marginal produ..
Suppose an economy’s production function is Y = K1/2 x [AN]1/2 and that the savings rate, s, is equal to 21%, the depreciation rate, d, is equal to 8 %, the number of workers grows at 1.7% and the rate of technological progress is 6% per year, then f..
Explain what the political motives are behind more third world countries joining the international market. What is/are the motivational factors?
John Maynard Keynes who is considered to be the father of Macroeconomics by many once said "In the long-run we are all dead” to emphasize why decision-makers should not worry about long-run effects of policies. As we have also learned in this module ..
Assume that a country has a fixed exchange rate, but that the rate is above the rate that would occur if the central bank did not intervene to maintain it. That is that the desired "e" is greater than the "e" that would occur without central bank int..
Mr. Mallon would like to increase gross domestic product (GDP) while keeping unemployment, taxes, and inflation as low as possible. Should fiscal policy be a large part of the campaign, or should the focus shift to supporting the Federal Reserve and ..
Consider we wanted to know how many trips versus dinners out you could purchase. If you were told that X = number of trips and Y = the number of dinners out and you were given the following budget information; What is the meaning of the slope of the..
Are the assumptions the same as under a simple linear regression. What does TSLS imply about the data if a strong F is found.
Elucidate how much consumer surplus would be created by randomly assigning buyer to sellers. Which method gives the larger surplus.
The Case in Point on America’s shifting comparative advantage suggests that the United States may have a comparative advantage over other countries in the production of high-tech capital goods. What do you think might be the sources of this advantage..
q1. the government is involved in providing many goods and services. for each of the goods or services listed determine
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