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What industries do you regard as being highly competitive? Can you identify any barriers to entry in those industries?
What is a "Natural Monopoly"? What industry or firm do you regard as a "Natural Monopoly"? Explain the governmental action(s), if any, that you believe may be appropriate in this case.
Who is hurt and who is helped by an increase in the legal minimum wage? Under what circumstances might a higher minimum not reduce employment?
A monopolist faces the demand curve Q = 11 - P . The monopolist has a constant average (and marginal) cost of $6 per unit.Draw the average and marginal revenue curves and the average and marginal cost curves. What are the monopolists profit-maximizin..
The Gentle Warming Company is purchasing a new cooling system. To pay for the system, the company agrees to make 12 installment payments of $8186 per year, beginning at the end of year 1. How much should the company set aside today to pay for the coo..
Suppose government spending increases. Would the effect on aggregate demand be larger if the Fed took no action in response or if the Fed were committed to maintaining a fixed interest rate? Explain why and give an example
illustrate what way is Per Capita GDP a better measure of economic well being than GDP. How does this relate to economic problems in the undeveloped world.
Suppose a monopolist is producing a level of output such that MR > MC. Which of the following best describes what will happen as the firm moves to its profit-maximizing equilibrium? Select one: a. Marginal revenue will rise and marginal cost will fal..
In a particular competitive market, the sellers have private marginal cost (PMC) equal to 2.5 at every output level. The demand curve has the equation P = 52.5 − (5Q/2), where Q ≤ 21 is the quantity bought at price P ≤ 52.5. Find the competitive equi..
If the United States and Russia were the only two countries engage in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of supply and demand?
For several decades the labor force participation rate of women increased steadily but average hours worked per employed woman decreased steadily. Holding all other factors constant, could rising wage rates of women explain both phenomena? Explain. [..
Ross White’s machine shop uses 2500 brackets during the course of a year, and this usage is relatively constant throughout the year. These brackets are purchased from a supplier 100 miles away for $15 each, and the lead time is 2 days. Develop a tota..
explain how many smoothest sold by each firm, and illustrate what is the profit made by each firm.
Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls t..
A college raises its annual tuition from $28,000 to $30,000 and its student enrolment falls from 4,877 to 4,715. Compute the price elasticity of demand. Is demand elastic or inelastic? Explain and show your work.
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