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Suppose life is discovered on Mars and that it turns out to be quite sophisticated. In fact, perfect competition prevails everywhere on the planet. Which of the following characteristics of Martian firms are we likely to observe?
Assume that the medical screening industry is perfectly competitive. Consider a typical firm that is making short-run losses. Suppose the medical screening industry runs an effective advertising campaign which convinces a large number of people th..
In 1993 Mattel proposed merging Fisher value for $1.2 billion. In toy industry Mattel is a major player with 11% of the market. Fisher-Price has 4%.
Price discrimination occurs when a.the supply of the product is elastic b.a product's average cost is greater than its average revenue c.a product's average cost is less than its average revenue d.differences in a product's price reflect differences ..
Explain the relationship between Cola Magic and Lemon Heaven Soda and explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
What is the profit maximizing level of output for this monopolist? What price will the firm charge? What profit will the firm earn and what are your answers to (a) if average consumer income is $30,000?
America's Water Meter Industry is dominated through 4-companies: Rockwell, Badger, Neptune and Hersey. Rockwell has 35 percent market share, and the remaining share rest.
(a) Plot crowding out for the following situations on a graph, and explain why you get the results: (i) Perfectly inelastic ID curve (vertical) & perfectly elastic SS curve (horizontal). (ii) Perfectly inelastic SS curve (vertical) & perfectly elasti..
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise? Did the monopoly increase barriers to entry? Does the company behave like a monopoly or more like a competitive firm?
What is the gross demand for consumption by a ICIW tribe member for pineapples in period 1? In period 2? For a GHN tribe member in period 1? In period 2?
A firm can produce steel with or without a filter on its smokestack. If it produces without a filter, the external costs on the community are $500,000 per year. If it produces with a filter, there are no external costs on the community, and the fi..
If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that marginal revenue exceeds marginal cost.
Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.
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