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1) For a perfectly competitive firm, if economic profits exist, how will this impact the number of firms in the industry? If economic losses exist? What will long-run economic profits be for the perfectly competitive firm?
2) Explain the difference between the individual firm demand curve for a perfectly competitive firm and the individual firm demand curve for a monopolist. What is the difference between their market demand curves?
3) Explain how a monopolist can increase profits by price discriminating. What are the conditions necessary for price discrimination?
Without markets A. a nation could better harness its comparative advantage. B. people would be less self-sufficient. C. specialization and the division of labor would increase. D. specialization and the division of labor would decrease.
elucidate how income changes along demand curve and why a local builder seeking to maximize income on a small site would be interested in elasticity of demand.
The government often strictly regulates noise and chemical pollution by industry to overcome which market failure?
A stockbroker has proposed two investments in low rated corporate bonds paying high interest rates and selling at steep discounts (junk bonds). The bonds are rated as equally risky and both mature in 15 years. bond statevalue annual interest payment ..
Why is technology such an important part of the labor market? Do you think technology makes workers more or less productive and how does it relate to their wages?
After years of civil war, the Republic of South Sudan must rebuild its infrastructure from scratch. Its government is eager to encourage infrastructure investment by private investors. South Sudan has achieved greater productivity for each unit of ca..
In another graph, show how this policy would impact the hours supply decision of a mother of a preschooler who is already working.
Discuss the effects of consumer demand on medical care services or products versus the economic variables of cost, access, and supply.
A piece of new equipment has been proposed by engineers to increase the productivity of a certain manual welding operation. The investment cost is $22,130, and the equipment will have a market value of $5,000 at the end of a study period of five year..
Suppose In-N-Out burgers sells only burgers, and that P and Y are the price and quantity of burgers sold. In-N-Out revenues R are given by R=P.Y. Finally, suppose P grows at 1% and Y grows at 2%. Given this information you can say that revenues grow ..
You read a story in the newspaper about the "economies of mass production."
Saddie Hawkins, a management analyst with Mobile Telephone Services, Inc., has collected the following information about three proposed investment projects. Each investment proposal will require a $100,000 investment to modify equipment at its Colora..
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