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1. Which of the following are characteristics for both perfectly and imperfectly competitive labor markets.
In both cases, labor is highly mobile.
In both cases, workers are paid for their Marginal Revenue product and are not exploited.
In both cases, the firm is a wage taker.
In both cases, individual firms maximize profit by hiring employees until the point at which the last employee's Marginal Revenue Product (MRP) equals their Marginal Resource Cost (MRC).
2. A surgeon practices at Community Hospital on the private patients he admits there. He does rounds every day after surgery and enters notes in his patients' charts (paper records kept at the nursing station). Who owns these medical records?
The patient
The nurse
The government
The hospital
Consider a small open economy in the short run where the government decreases the tax rate. You own a hat company which sells both domestically and abroad. Therefore your total sales are a function of the exchange rate and total domestic consumption...
What What marketing strategies should Radiance pursue in the next five years? Explain why the strategies you select would best fit the organization. in the next five years? Explain why the strategies you select would best fit the organization.
Find and describe an example of an information asymmetry that could give rise to either adverse selection or moral hazard. How is the information asymmetry corrected in your example (if it is)? Are there other methods of correcting the information as..
Explain the differences in how an open and closed economy is modeled including any policy (monetary and fiscal) implications for these two types of economies. Ins include a fully labeled model showing the impact of increased political instability for..
1. Describe all four phases of a business cycle. 2. Identify and describe three most severe recessions of the 20th century in the United States. 3. What will happen to unemployment and inflation during a recession? Explain
What individual’s decision is altered as a result of not taxing the imputed rent earned by those who live in their own house? How so? Explain.
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Are Carl's preferences monotonic? How do you kn..
Read the excerpt from Amy Tan’s essay “Mother Tongue.”I know this for a fact, because when I was growing up, my mother’s “limited” English limited my perception of her. I was ashamed of her English. I believed that her English reflected the quality o..
Suppose that coffee growers sell 200 million pounds of coffee beans at $2 per pound in 2007, and sell 240 million pounds for $3 per pound in 2008. Based on this information we can conclude that the: supply of coffee beans has increased. demand for co..
The opportunity cost of holding money is that you
If firms in an oligopolistic industry successfully collude and form a cartel, what price and output will result?
Price elasticity of demand for stock is 1.5. This means that foe every 10% increase in stock prices, the quantity demanded will decline by 15 %. Does this make sense? explain.
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