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Suppose the market for eggs is in equilibrium at a price of $2 per dozen eggs. If the government decides to enact a new price floor at $1.50 per dozen eggs, what outcome does economic theory predict will occur?
a. A shortage of eggs
b. A surplus of eggs
c. Demand for eggs will become inelastic
d. This policy should have no immediate impact on the market for eggs
Why would cash transfers typically be preferred by recipients over in-kind transfers? What are the pros and cons of each from a government perspective?
All of the following are characteristics of "property rights" EXCEPT that:
If the two firms each maximise profits independently, explain how much output would each firm produce. Explain how much quasi-rents would each factory earn.
here are many liquid cold medicines, all of which have almost exactly the same ingredients. Yet medicines with brand names that the man recognizes from television commercials are for more than the unadvertised versions. Elucidate in economic terms..
Speculate about the behavior that could result from these transactions and propose at least two (2) strategies for dealing with them.
A major defense supplier expects to generate additional revenue from its recently won government contract. The company expects the revenue will be $110 million in the first year and the revenue increasing by $2.5 million each year for the next 4 year..
In 2012, the box industry was perfectly competitive. The lowest point on the long-run average cost curve each of the identical box procedures was $4, and this minimum point occured at an output of 1,000 boxes per month. What was the equilibrium price..
One has yearly income $10000, the other has yearly income $90000. Illustrate what is the Gini coefficient for this society.
If the reserve requirement is changed to 5 percent, Explain how much can First Bank lend and by Explain how much can the money supply be expanded.
What are the three questions that must be answered in order to determine the consumers' willingness to pay in a mixed market of cars with both Lemons and plums?
Assuming that under cost controls rationing is as inefficient as possible while under the quota, the allocation is as inefficient as possible.
Firms that can identify two types of consumers can price-discriminate perfectly. Firms can price-discriminate only if there is zero competition in the market. Firms that price-discriminate will not reach higher profits.
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