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How are prices determined under perfect competition? Think about a firm that you have done business with recently. To what industry does this firm belong? For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under? What are the names of other firms in this industry? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? How does market structure affect the firm's ability to set the price for its products?
What is the reverse paradox of thrift? Explain in your own words.
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always wiling to exchange three black shirts for one red shirt. What type of preferences is Carl exhibiting? Draw several indifference curves to illustrate C..
Specialty Steel has carefully measured production in its new plant to determine whether it is technically efficient in production.
People make automatic assumptions about individuals based on his or her appearance. While certain assumptions are necessary part of life, judging a person totally based on appearance can be considered prejudice. Have you ever known someone who did no..
Gomez runs a small pottery firm. He hires one helper at $18,000 per year, pays annual rent of $8,000 for his shop, and spends $24,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) t..
Calculate the magnitude of deadweight loss from the price ceiling. Find a price floor that will result in the same magnitude of deadweight loss.
Assuming that LRR =25%, the Fed decided to apply a Monetary Expansion Policy using the Discount Rate Policy in the amount of $145,000,000 of Borrowed Reserves. Explain in words and numbers what does this monetary policy mean. that is what does this s..
The annual cash flows have the following projections. Illustrate what is the internal rate of return.
Hero Nakamura is CEO of the Cola King Bottling Company a small regional producer operating in the Pacific Northwest. Nakamura is considering two alternative expansion proposals
Deficit spending for education and scientific research may impose less of a tax burden on future generations than deficit-financed increases in transfer payments. Explain.
When is a producer's self-interest aligned with the social interest? This is one of the major questions addressed by economic theory. The previous chapter explored the behavior of profit – hungry producers in a perfectly competitive market.
When an increase in aggregate demand exceeds the increase in aggregate supply,
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