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Even if the firms in a monopolistically competitive market collude successfully and fix price, economic profit will still be competed away if there is unrestricted entry. Do you agree with this statement? Support your answer. Will price be higher or lower under such an agreement in long-run equilibrium than would be the case if firms didn't collude? Explain fully.
Can citizens who speak an official language or than majority language receive official personal documents in that language. What arrangements have been made in this respect.
congress decides to reduce our dependence on foreign oil by imposing a $.50 tax on each gallon of gasoline at the pump. Elucidate briefly what kind of supply and demand elasticity for gasoline must be present in the U.S. market, in order for this..
Using the four scenarios, discuss each and choose periods when each scenario has occurred in the U. S. or other countries: a. higher interest rates, more capital invested b. lower interest rates, less capital invested c. lower interest rates, more ca..
The effect of trade sanctions imposed on Iraq limiting Iraq's production of oil after the 1990 Gulf War on the oil market is best shown graphically with a price ceiling below equilibrium price.
Elucidate each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.
What is the fixed cost of running this business for one year? What is the marginal cost of selling one set of earrings? Does the marginal cost change depending on quantity sold? If so, how? If Mel’s goal is to maximize economic profit, how many bags ..
Illustrate what are the indicators of underdevelopment in a world economy.
What is an absolute and comparative advantage? Give an example where you have an absolute, but not a comparative advantage with someone else.
Is SPC employing labour and domes in an optimal ratio, assuming that substitution of resources is possible. Elucidate. Conclude marginal income products for exterminators and for domes/pumps employed by SPC.
Assume, no calls are currently on hold. If agent takes 5 minutes to complete current call, how many callers do you expect to be waiting by that time. Illustrate what is probability that none will be waiting.
List their yearly sales and extent of operation, what are some of their incentives to consolidate, list and describe the firms in the industry, explain the product,
If a country desires to have stable prices (or low inflation), why not simply pass a law that prohibits firms from changing prices? Elucidate pros and cons associated with this case.
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