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Determine whether each of the following is a characteristic of perfect competition, monopolistic competition, oligopoly, and/or monopoly: a. A large number of sellers b. Product is a commodity c. Advertising by firms d. Barriers to entry e. Firms that are price makers.
The following national income is in billions of dollars: Net domestic product equal?
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $12 million in withdrawals from other banks’ ATM machines. On average, noncust..
Are credit cards money? Explain. Why do we accept money as payment? What affects the value of money? What is the purchasing power of dollar? How higher prices affect purchasing power of dollar?
q. an independent trucker has the following options. if he buys expensive machinery then he can hire fewer drivers to
q1. in long-run equilibrium assume the economy. in a short duration of time there is a pessimistic revision of
Suppose there is a policy debate regarding the United States imposing trade restrictions on imported steel rods: The president of the United States argues that the United States should threaten to impose a tariff on Chinese steel rods in order to ind..
R = 3% (annual domestic interest rate), R* = 5% (annual foreign interest rate) E = 2 (current spot rate; expressed as the price of pound in terms of us dollar) If the domestic money supply increases by 10% and drive the interest rate down by 1% in th..
Consider an auction with 1,000 risk-neutral bidders. It is know that these bidders have affiliated values. Based on this information we know the expected revenues for the different auction types will be
What does equilibrium GDP means? How net exports affect aggregate expenditure in the economy? How prosperity abroad affects our exports? What happens when there is disequilibrium situation? When GDP is less than the equilibrium. When GDP is more than..
Then suppose Income increases to 1261 and Pinputs increases to 144. Elucidate how large is the change in the equilibrium price.
Explain what a market is by giving a definition of the term “market” in expressions like “the market for wheat,” “the U.S. market for anaesthesiologists,” and “the market for the common stock of company X.
Chris consumes only 2 goods, Suppose his utility function is U(X1,X2)=X1 1/3,X2 2/3, Suppose P1 =$2,P2= $8 and income(I)=$600 I want to know how to do the problem, so I need to see all the steps it takes to arrive at the correct answers for a,b and c..
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