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This activity is preparation for the essay questions on the midterm.Answer the below essay questions with 3 well written paragraphs that FULLY ANSWER THE QUESTION. Do not copy anything directly out of the textbook or from the internet.
Submit your answers to Activity4 in the Assignments Folder, either in the text box or as a Word doc.
Critically evaluate and explain each statement:
1. The more profitable a firm, the greater its monopoly power.
2. With respect to resource allocation, the interests of the seller and of society coincide in a purely competitive market but conflict in a monopolized market.
Find out the equilibrium price and quantity and illustrate with a graph. The government imposes a tax of $5.00. Find the new equilibrium price and quantity. Determine the total tax revenue earned by the government
Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents. Explain, distinguishing between the short run and the lo..
The economy is experiencing a contraction (recessionary gap) of $400 billion. What government spending stimulus would you recommend to move the economy back to full employment if the MPC is 0.75? Would your policy be any different if the MPC were ..
Globalization is becoming very important in economic discussions. While some politicians favor protectionist policies because they feel these policies protect domestic producers, others claim free trade increases economic activity and has advantag..
What is the appropriate balance between private and public (i.e., government) activity. Think of a case where the government has intervened (or it was suggested that government intervene) in a previously private market
Prepare functional specifications for the company's use of the Web and the Internet. Include links to and from other sites in your design.
Plot these curves on graphs. Compare the cost curves and discuss their characteristics.
Why are these two concepts so imortant in urban planning? Explain what Woodrow Wilson (1887) meant when he claimed that politics and administration should be considered to exist separately from each other. How do the concepts of interconnectivenes..
Find the quantity of toothpaste that maximizes economic surplus. What is the relationship between this quantity and the market equilibrium quantity?
the demand for a product can change due to many factors. Distinguish between a chang in demand and change in quantity demand. What are the determiniants of demand What are the determinants of suppy
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sure to relate an exa..
The future possibility of doctors examining X-rays and performing other responsibilities from remote locations through the Internet. How will this change affect international business?
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