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In each of the following situations, do you think the industry described will be perfectly competitive or not? Explain your answer.
a. There are two producers of aluminum in the world, a good sold in many places.
b. The price of natural gas is determined by global supply and demand. A small share of that global supply is produced by a handful of companies located in the North Sea.
c. Dozens of designers sell high-fashion clothes. Each designer has a distinctive style and a loyal clientele.
d. There are many baseball teams in the United States, one or two in each major city and each selling tickets to its hometown events.
Illustrate what would the new price also output in the market be. Illustrate what would the new level of output for the typical firm be.
For retirement planning, you decided to deposit $1,000 per month and increase your deposit by $100 per month. How much will you have at the end of 10 years if the bank pays 3% annually, compounded monthly?
If demand increases while supply decreases for a particular good,
Why is the price elasticity of demand a relative measure? That is, why is elasticity measured in percentage terms rather than absolute terms?
Choose an item that you would like to manufacture. You do not actually need to manufacture something, but will proceed through the assignment as if you were planning on manufacturing the item you have selected. Forecast the variable cost per unit. Fo..
Which of the following is not an automatic? stabilizer?
Describe the relationship of race, class, and gender and its effect on health and mental care delivery in the United States. What steps could be taken to guarantee that all have the same access to the appropriate health care? Should funds be made ava..
What is the effect of bad weather for farming or some other temporary decrease in the availability of raw materials?
If a second McDonald's franchise, Mac Junior, was to move into Obscure City. Elucidate what is the market price that would prevail at equilibrium in a Cournot oligopoly.
In the long run, the greater burden of a specific tax will usually be absorbed by. A monopolist with multiple plants should allocate total production among plants so that. A price-discriminating monopolist should divide sales among markets so that
How many years would it take for an investment in year 1 with increases of 10%/yr to have a present worth f $1 million at an interest rate of 7%/yr?
Is the Government becoming too involved in Individual decisions? Do you object to mandatory determinations by government on the distribution of vaccines, regulation of air and water pollution or should the free market ensure equitable distribution..
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