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Q1. Explain why each of the following statements are false. For each, write the correct statement.
a. A monopolist maximizes profits when MC=P
b. The higher the price elasticity, the higher is a monopolist's price above its MC.
c. Monopolists ignore the marginal principle.
d. Monopolists will maximize sales. They will therefore produce more than perfect competitors and their price will be lower.
Q2. Advertising is powerfull strategy to make people know/aware about company products and services and for this case is to emphasize reliability and low price, this effort will help the company to sustain in this area and to develop a customer franchise and brand loyalty . At the end high relative market share can be able able to reduce costs because of economies of scale.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
If most businesses in an industry are earning a 13 percent rate of return on their assets, but your firm is earning 23 percent what is your rate of economic profit
Under oligopoly, if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
The social security system levies a tax on workers and pays benefits to the elderly. Suppose that Congress increases both the tax and benefit.
Dependency theory characterizes countries as being either in the center or on the periphery
Steps that a government take to ensure that sustainable development is always considered in assessing which major economic projects or investment proposals to accept
Suppose at the current level of labor used, the MRP = $100 and the MFC = $50. Elucidate the maximize profits
What is a one invention that had good impact on the international economy and why. What were the impacts of this invention were impact good or bad.
How many popsicles will be sold/supplied each day in the short run if the price rises to $4 each per day
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
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