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Which of the following statements is true about market power?
When a firm has market power, it produces exactly the socially efficient quantity.
Market power leads to lost social welfare.
There is nothing the government can do to correct for market power.
The socially efficient price and quantity arise naturally in a monopoly market.
Discuss why countries create barriers to trade when economic theory shows trade as being beneficial to a nation. Who benefits from international trade? Who loses from international trade? How can the negative effects of the failures from internationa..
We often speak of how price ration goods. What are other rationing measures in clinics in which free care is provided?
What happens if the price floor is above the equilibrium? and what happens when price ceiling is below the equilibrium?
If the economy is currently producing 40 units of cotton and 6 units of wheat, then what is the approximate opportunity cost of producing 10 more units of cotton?
What is endogenous growth? How do endogenous growth models differ from the neoclassical models of growth? b. How do the implications of an increase in saving with regard to both the level and the growth rate of output differ between the neoclassical ..
In the market for foreign-currency exchange in the open-economy macroeconomic model, which of the following does the amount of net capital outflow represent?
The radio manufacturing industry has been in decline for quite some time. Suppose the government is called on to save this industry with infusions of cash, low interest loans, or other special breaks. This might be touted as helping firms remain open..
What are automatic fiscal stabilizers? How do these stabilizers stabilize real GDP in the face of AD and AS shocks? o What is the role of the simple multiplier [ 1/{1 – MPC(1 – t) – m}] in stabilization of the swings in real GDP? o How the slope of t..
A government starts off with a total debt of $3.5 billion. In year one, the government runs a deficit of $400 million. In year two, the government runs a deficit of $1 billion. In year three, the government runs a surplus of $200 million. What is the..
Identify firms that periodically shut down their operations. What are the conditions that exist when they shut down their operations and the conditions that exist when they resume their operations? Explain your reasoning.
In the movie Princess Bride, the hero disguised as the pirate Westley is engaged in a game of wits with the villain Vizzini. Westley puts poison in either his own glass of wine or in Vizzini's glass. Construct the payoff matrix for this game. Assume ..
What is the present value of a continuous revenue flow lasting for 6 years at the constant rate of $2,000 per year and discounted at a discount rate of 6%?
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