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1. Which group has the ability to influence business behavior?
a. Consumers.
b. Community activists.
c. Workers.
d. All of the above.
2. Firms that have market power:
a. behave competitively.
b. have some control over the market price.
c. create a more equitable distribution of income.
3. The social contract that a business has with society:
a. Is legally binding.
b. Is required by the government.
c. Suggests that businesses have a moral obligation to benefit other stakeholder groups.
4. Monopoly violates which assumptions of the competitive market model?
a. That consumers have choice.
b. That firms have little or no pricing power.
c. That entry by new firms is relatively easy.
Knowing that Drought and unreliable precipitation dominate natural environments in North Africa/Southwest Asia and that the A realm is the source of three world religions: Judaism, Christianity, and Islam answer the following questions using an envir..
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Elasticity is a measurement of how much a change in price of a product or service will affect a change in the quantity demanded or supplied of that same product or service. The product or service can be unit elastic, inelastic, or elastic. Why is the..
If prices of x and y are doubled while the income remains the same, the budget constraint:
suppose that the other firm holds its rate of output constant, solve for the optimal output of each firm. What is the total profits of the two firms.
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In the Clean Air Act as amended, Congress allowed California, which has serious problems with air quality, to adopt its own standards for emissions from cars and trucks, subject to the approval of the Environmental Protection Agency (EPA) according t..
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How can a small special-interest group win, since the benefits flow only to a small group, under a situation of majority voting?
An economist has predicted that for the next 5 years the U.S. will have an 8% annual inflation rate, followed by 5 year at a 6% inflation rate. this is equivalent to what average price change per year for the entire 10-year period?
How does the health of the economy affect your financial health? How healthy is the U.S. economy right now? On what measures do you base your judgments? How will your appreciation of the big picture help you in planning for your future?
Suppose the firms in a monopolistically competitive market are earning positive economic profits. What will happen to move the market to its long-run equilibrium?
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