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Assume market equilibrium price for a visit to the doctor is currently $75. The federal government decides that something fishy is going on and mandates a price ceiling of $81. This means no doctor may charge more than $81 for a visit. What will happen in the market for doctor's visits?
a. nothing
b. there will be a shortage (a bunch of people want to see doctor but can't)
c. there will be a surplus (a bunch of doctors are sitting around with empty exam rooms)
d. Market price for doctor visits will rise to exactly $81
Capitalism was a derogatory term coined by Karl Marx to deride the riches of those who accumilated captital . He said that the accumulation of capital helps the rich get richer while simultaneously making the poor get poorer. Have the poor become poo..
At the end of 2012 the prestigious Rolex watch manufacturer had in inventory of watches worth $725 dollars. In 2013, Rolex produced $333 worth of watches and sold $260. What was the change in inventories in 2013? (Hint: careful with the signs, rememb..
What is the "free rider" problem and how is it related to the distinctive properties of public goods? Why will unregulated markets supply less than the optimum amount of a public good?
Risk-averse managers often select a secure strategy that provides the. All of the following are examples of transaction costs, except:
What role does microeconomics play in business decisions compared to macroeconomics. Can you assit me with a real life example that would show the impact on the decision making process of the business.
Describe recent financial crises and describe the effect that destabilized credit, mortgage, derivative, and insurance markets have had on national economies and assess the stabilization policies implemented to address them. Compare and contrast two ..
Bill Bulge owned a grocery store in Missouri. In order to finance some inventory, he borrowed $3000 from Big Bucks Bank. The written agreement called for 20% interest to be paid at a time when long term government bond yields were 12%. At maturity, B..
In the United States, about two-thirds of Starbucks outlets are company owned; the remaining one-third are operated by licensees. Outside the United States, the proportions are reversed: about two-thirds are run by licensees or partnerships in which ..
For the last several years, the money supply in the fictitious nation of Mauritania has been rising by 10% annually, and inflation has been running at 8%. The central bank is going to cut growth of the money supply back to 3% annually. Which of the f..
Construct a PPF for a country that produces food and video games and faces increasing opportunity costs. Show how the PPF changes given the following events.
Decrease will have on the desired proportions of capital and labor used in producing the given level of output at minimum total cost.
Which one of the following statements is FALSE about a market characterized by the market structure we call duopoly (that is an oligopoly with only 2 firms) under Cournot competition?
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