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What is a perfect (pure) price competition model and what are its assumptions? Explain in detail how the price competition model is supposed to work, its process and the outcome (this includes many components relating to the quality of goods, the type of ‘playing field’ that production and price competition takes place on, consumer sovereignty, etc.). Does this model hold logically and empirically? Explain. From the heterodox perspective, how does an oligopolistic competitive market work in the real world? Include the assumptions behind this perspective. Does this model hold logically and empirically? Explain. Why does the prevalence and dominance of positive feedbacks support an oligopoly structure over a perfect (pure) price competitive structure (include readings)? Why is it that oligopolistic firm’s do not compete over price and find it advantageous to collude and fix prices (a recent case involved Procter & Gamble and Unilever, 2011)? Note here that fixing prices is the exact opposite of a perfect price competition model. What is the ‘logic’ of the production system (i.e., M-C-M’ or C-M-C’) from the orthodox and heterodox perspectives and what does this have to do with the structure/organization of our economy? Explain the difference between these two logics. Given the logic of each, what drives the economy forward (i.e. gets it moving) from these perspectives, supply or demand? Explain the process of both.
Consider the following statement. "Winter ice storms that sometimes hit Chicago are good for the economy. They create many jobs to remove downed limbs and replace trees and bushes." Do you agree that ice storms are a net benefit to the economy? To an..
Discuss the importance of laws and the requirements to amend them regularly. Cite examples from the perspective of Oman.
What are the economic and political arguments for regional economic integration? Given these arguments, why don't we see more substantial examples of integration in the world economy?
Are there any nice examples of firms using attachment bias to increase profits? Examples from the academic literature or well-motivated anecdotes are both acceptable. For instance, pet stores seem to let you play with the animals and GM used to have ..
You only buy apples and bananas. Your budget is such that you can purchase 3 apples and 4 bananas or 9 apples and 2 bananas. Write the equation for the budget line with bananas on the y-axis. Is that equation unique.
On the Keynesian cross diagram, a decrease in government spending (as in tight (contractionary) fiscal policy) will cause
Discuss the various ways federal, state, and local governments attempt to promote education as equality of opportunity. What are the some positives and negatives you see in the involvement of government in the education system?
Suppose that two recent studies conclude that increased fiber in the diet does not reduce the risk of developing colon cancer as was previously thought. The likely result will be that the:
When would it make sense for a factory that is losing money to remain in operation
Suppose that a consumer’s demand for a product is given by P = 80 – 2Q. A monopolist produces the product at constant marginal cost, where MC = $6. The firm has no fixed costs. Suppose the monopolist sets a two-part tariff for the good where the cons..
The current account balance may fall after a real depreciation because
Consider a free market with demand equal to Q = 60-4P and supply equal to Q=2P. What is the value of consumer surplus? What is the value of producer surplus?
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