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What happens in a perfectly competitive industry when economic profit is greater than zero?
a) existing firms may expand their operations
b) firms may move along their LRAC curves to new outputs
c) new firms may enter the industry and all of the above
d) there may be pressure on the market price to fall
The local community has instituted a price ceiling of $480. Does consumer surplus increase due to this price ceiling. Does social welfare increase as a result of the price ceiling
q1. compare and contrast inflation and deflation. what are some of the damaging effects that each has on an economy?
q.a monopolist faces the inverse demand for its output p 30 - q the monopolist also has a constant marginal and
If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium.
assume the tax multiplier is estimated to be 1.5 and the aggregate supply curve has its usual upward scale. suppose the government lowers taxes by 150 million. aggregate demand will increase or decrease and by how much?
Compute the balance in your retirement account when you will be 25, 30, 40, 50, and 65 years old assuming the average annual rate of return is 6%. Assume there are no deposits or withdrawals in this account, so the original balance just accumulates. ..
Do some research and write a Topic Paper that describes the market structure in which a typical professional sports team in or outside the United States (e.g. New York Yankees, Kansas City Wizards, New Jersey Nets, Manchester United, etc.) operates. ..
q1. beer n pizza is complements because they are often enjoyed together. when the price of beer rises what happens to
q1. two automatic systems for dispensing maps are being compared by the state highway department. the accompanying
show the new quantity demanded at that price as we did in class. Also, show that the new total revenue will be greater than then old total revenue.
price elasticity of demand for stock is 1.5. this means that foe every 10 increase in stock prices the quantity
Expansionary policy is used to fix an expansionary gap. If US prices are relatively high, the quantity of US goods demanded is high, aote. The short-run AS curve overall has a positive slope in part because of the misperceptions.
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