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Two economists agree that labor market discrimination against certain workers unfairly leads to lower wages for the disfavored group. Economist X argues that government intervention is most likely necessary to eliminate this unfair treatment, whereas Economist York argues that the best solution to the unfair treatment is to let the market work to eliminate it on its own.
Economist Y is most likely to be correct when labor and product markets are highly competitive and the lower wages of the disfavored group result from:
A. Differences in human capital
B. Statistical discrimination
C. Discrimination by employers.
Define monopolistic competition. How is monopolistic competition similar to monopoly? How is monopolistic competition similar to perfect competition?
Imagine that you are a service consultant to a local health club. How would you advise the health club to begin the process of developing an effective physical evidence strategy? Describe in a memo how the physical environment impacts both the employ..
Assume the market for heating energy. This year it is forecasted to be an unusually cold winter. Explain what will happen to the market for heating energy. Identify the effect on equilibrium quantity and price. What happens to the number of firms in ..
A monopolist has an inverse demand curve given by p(y)=12-y and marginal cost is 2y. What will be its profit-maximizing level of output? Suppose the government decides to put a tax on this monopolist so that for each unit it sells it has to pay the g..
What are the various stages of the product cycle? What does the product cycle model tell us about international trade and technology?
What fiscal policy recommendations would you give considering the state of the economy today and in the future, the deficit, and the debt. Is your recommendation pro-cyclical or counter-cyclical? Explain your policy choices that you are making.
Discuss the necessary conditions to make price discrimination work and the best practices to use price discrimination to maximize profits while avoiding price wars.
The following figure plots the average farm prices of potatoes in the United States for the years 1989 to 1998 versus the annual per capita consumption. Each point represents the price and quantity data for a given year. Explain whether simply drawin..
Government wants to change its spending in order to avoid a recession. If crowding-out effect is always half as strong as multiplier effect and if MPC equals 0.9, by Explain how much does government purchases have to change.
The central bank new head decides to increase the response of interest rates to inflation. Explain how does this change in policy alter the response of the economy to a supply shock.
Describe the cost function and explain the difference between a short-run and a long-run cost function. Describe the elements of a cost schedule which can be derived total, fixed, and variable costs. Compare and contrast the short-run cost function a..
In the United States, monopoly regulation began primarily because:
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