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Sometimes oligopolies in the same industry are very different in size. Suppose we have a duopoly where one firm (Firm A) is large and the other firm (Firm B) is small, as shown in the prisoner's dilemma box: What is Firm B's most likely choice? Firm B colludes with Firm A Firm B cheats by selling more output Firm A colludes with Firm B A gets $1,000, B gets $100 A gets $800, B gets $200 Firm A cheats by selling more output A gets $1,050, B gets $50 A gets $500, B gets $2
Illustrate what is the relationship among a firm's total income, profit also total cost?
If a country's growth is biased in favor of its import, this should unequivocally improve its terms of trade also its economic welfare. Use a graph to explain why
Suppose your friend is considering quitting school to take a well-paying job. One day she says to you, "Friend, I'm not sure what to do. I've put so many months into the bachelor's program. It doesn't make sense to give up now, does it?" Considering ..
How is it possible that in perfect competition some firms have economic profits equal to zero while others have a positive economic profit. Can they have a positive consumer surplus? Isn't it a contradiction?
Fiscal policy changes automatically when output and employment fluctuate a. Explain why tax revenue changes during a recession b. Explain why government spending changes during a recession c. If the federal government was required to operate under a ..
The country of origin can influence a consumer’s perception of the quality of the product. What can a company do to overcome a negative attitude about the product’s country of origin?
Consider we wanted to know how many trips versus dinners out you could purchase. If you were told that X = number of trips and Y = the number of dinners out and you were given the following budget information; What is the meaning of the slope of the..
Most countries import substantial amounts of goods and services from other countries. Yet the theory says a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two f..
Consider the following scenario: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding. What is the effect of the flooding in th..
In the early 1990s, Argentina stopped increasing the money supply and fixed the exchange rate of the Argentine austral at 10,000 to the dollar. It then renamed the Argentine currency the "peso" and cut off four zeros so that one peso equaled one doll..
Explain how low must a quota be in effect to have an impact. Using a demand-and-supply diagram, illustrate and explain the net welfare loss from imposing such a quota.
q.assume that the most efficient production technology available for making vitamin pills has the cost structure given
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