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1. A large city has nearly 500 restaurants, with new ones entering regularly as the population grows. The city decides to limit the number of restaurant licenses to 500. Which characteristics of this market are consistent with perfect competition and which are not? Is this restaurant market likely to be near perfectly competitive? Why? Are national restaurant franchised chains, perfectly competitive market structures? Restaurants with dress codes, are they considered to be perfectly competitive market structures as well?
2. BMW of Colorado advertises on the radio that it has been owned and operated by the same family and in the same location for over 30 years. It then makes two claims: first, that is has lower overhead than other nearby auto dealers because it has owned the land for the past 30 years, and second, it charges a lower price for its cars because of its lower overhead. Discuss the logic of these claims.
Which of the following statements about the relationship between average product of labor (APL) and marginal product of labor (MPL) is correct?
If the supply of a product increases, then
q. a facility for a production plant can be purchased for 155000 with a down payment of 25000. consider the following
Supposed that you represent the shareholder board of Apple Inc. and decide to elicit high CEO effort to help the company: What will be your incentive contract plan (e.g. bonus, stock option…etc.)?
The Commerce Department revised its estimate of real GDP to $3.877 trillion, up from the earlier estimate of $3.835 trillion. Before adjusting for inflation, GDP was $4.603 trillion, up from $4.523 trillion.
Elucidate the rationale and the implications of the new guidelines used by the Department of Justice and the Federal Trade Commission for evaluating proposed mergers.
The market labor supply curve is
Identify the correct cause-and-effect sequence in response to an expansionary monetary policy move by the Fed.
Draw a production possibilities frontier for the production of corn and steel, identifying the efficient points, feasible points, and infeasible points. Illustrate and explain increasing opportunity cost.
Explain your reasoning and use Lisa Blake and Walter Barnes as your point of reference. Also elucidate the influences affecting foreign exchange rates.
If you could, how would you alter the way that GDP is defined and measured in the US? Make one recommendation. Explain what the current practice is, how you would change it, and why your proposed change would be an improvement.
Firms in which of the following market structures are NOT able to engage in price discrimination?
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