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1. Why do firms enter an industry when they know that in the long run economic profit will be zero?
2. At the beginning of the twentieth century, there were many small American automobile manufacturers. At the end of the century, there were only three large ones. Suppose that this situation is not the result of lax federal enforcement of antimonopoly laws. How do you explain the decrease in the number of manufacturers?
(Hint: What is the inherent cost structure of the automobile industry?)
If you receive a free ticket to a concert, what, if anything, is your opportunity cost of attending the concert How does your opportunity cost change if miserable weather on the night of the concert requires you to leave much earlier for the conce..
Two partners who own Progressive Business Solutions, which currently operates out of an office in a small town near Boston, just discovered a vacancy in an office building in downtown Boston
A change in real money supply can result either from a change in nominal money supply through Federal Reserve policy or from a change in the price level.
ention each account affected and the appropriate amount. Also, assuming your bank lends out money to the extent allowed by law, how much will the money supply grow beyond the initial $100,000 deposit?
Discuss industry structure, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
Suppose that in the Akerlof example, there are only eight cars ranging in quality from 1/4 to 2 ( there is no complete lemon). Hence, the mean quality level is 1.25. Determine whether the market disappears completely, and if not, how many cars wil..
Calculate the marginal revenue product given this information and how many real estate agents will the manger hire if the wage rate is $32,000? Why?
What is the equation of his budget line and sketch the budget line and two possible indifference curves that Herbert
if the price elasticity of demand for a product is -5, and the income elasticity of demand for the product is 2.5. If a .5% decrease in product price as accompanied by a 1% decrease in consumer income, the firm's total sales will increase, be the ..
describe the concept of investment spending, as wellas what will happen to the aggregate demand curve if investment spending is increased autonomously and provide an example ofspending that a macroeconomist would consider "investmentspending."
A profit-maximizing monopolist is currently producing 500 units. Its marginal cost is equal to $10, and its price is equal to $20. The monopolist should a. decrease output and increase price if marginal revenue is equal to $5 b.decrease output and ..
increase aggregate demand by cutting government spending or raising taxes. decrease aggregate demand by cutting government spending or raising taxes.
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