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We have learned that under the perfect competitive market, consumer surplus and producer surplus are maximized. Therefore, market is the most efficient. In some situations under an incomplete market, such as monopolist has more information (price and quantity) about the product than consumers, market will encounter a failure. That means, the market will be inefficient and there will be a loss of the total surplus. Research and give an example of an incomplete market, discuss why it is inefficient, and illustrate that is it due to a loss of consumer surplus or producer surplus?
What data the organization needs in order to make good decisions and how the use of macroeconomic indicators enables organizations to improve their forecasts of the key decision-making data.
Identify which one of the 4 C's (clarity, coherence, consistency, concision) you've had the most difficulty with in the past. Describe what you've done to improve your business writing style
Whenever there is an outflow of funds from any of the balance of payments accounts, it is recorded as a __________ , and called _______ .
q1. assume the government decides to fight obesity in america by imposing an excise tax on the saturated fat content of
Tom borrowed money to purchase stocks and taxable corporate bonds. During 2014 Tom paid $10,000 interest on this loan. Janice’s gross income in 2014 included $40,000 of wages, $5,000 of interest and $2,000 of capital gain taxed at the lower capital g..
Explain with graph what happens to aggregate demand curve, and/or aggregate supply curve for the following situations: Consumers expect the price of the good to rise in the future.
Suppose, Worker 1 has a reservation price of 41 cents; worker 2’s reservation price is 42 cents; worker 3’s reservation price is 43 cents, and so on. There are 150 jobs in firms without air purification systems, and this number is fixed. Thus, the de..
A local hardware store is trying to decide whether to stay open. They have found that their industry is extremely competitive and profits have shrunk considerably. Knowing that you have taken an economics course, the owners have asked for your opinio..
In a socialist economic system, people are free to choose an occupation of their choice, but many people work in ___ jobs.
The first welfare theorem states that under a certain set of “regularity condition", free markets are efficient. Use the demand and supply model to show that a government imposed price ceiling will be inefficient when these regularity conditions are ..
From 1983 to 1987, a period of rapid economic growth in the U.S., total savings by contributors to IRAs increased by approximately the amount of their IRA contributions. Does this show that virtually all of their IRA savings were “new” savings—money ..
If the government imposes a quantity tax on the consumption of a good, it means that the consumer has to pay for each unit of the good its price plus the tax. For example, if the price of a chocolate bar is $5 and the government imposes a tax of 20 c..
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