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Why does a firm in a competitive industry charge the market price?
a. If a firm charges less than the market price, it loses potential revenue. b. If a firm charges more than the market price, it loses all its customers to other firms.c. The firm can sell as many units of output as it wants to at the market price. d. All of the above are correct.
Using the information from the completed table and the graph to identify the three stages of production and explain why the firm's short run production has only one 'rational' stage of production
In some ways monitoring is easier in a partnership than a corporation, where shareholders monitor directors. In what ways is monitoring easier? In what ways is it not?
Many home mortgages in recent years have been made with variable interest rates. Typically, the interest rate is adjusted once a year based on the current rates on government bonds. How do variable interest rate loans protect creditors from the ef..
Suppose that Dent Carr's long-run total cost of reparing s cars per week is c(s) = 2s^2 + 50. If the price he receives for repairing a car is $8, then in the long run, how many cars will he fix per week if he maximized profits?
Thomas Malthus’s gloomy predictions for the future of humanity led ‘economies’ to be called a ‘dismal science’. Show either through the mathematics of production functions or intuitively.
The long-run Phillips curve suggests policymakers choose between alternative and which of the following will shift the aggregate demand schedule to the right?
In order to derive an individual's demand curve for salmon, we would observe what happens to the utility-maximizing bundle when we changea. income and hold everything else constant. b. the price of a close substitute and hold everything else constan..
Two automatic systems for dispensing maps are being compared by the state highway department. The accompanying breakeven chart of the comparison of these systems (System I vs. System II) shows total yearly costs for the number of maps dispensed pe..
How do you think the principles of price elasticity of demand might be applied to the pricing of public goods? Explain your reasoning and assumptions, as well as how it might affect efficiency.
A firm has a long-run cost function, C(q) = 4q^2 + 4. In the long run, this firm will supply a positive amount of output, as long as the price is greater than what?
BASED ON YOUR RESEARCH AND ANALYSIS, DETERMINE THE MONETARY POLICY ACTION YOU THINK SHOULD BE UNDERTAKEN. DETAIL THE MONETARY POLICY RECOMMENDATION YOU MAKE AT THE NEXT FEDERAL OPEN MARKET COMMITTEE MEETING.
Explain the change in the infant mortality rate (IMR) in the United States since 1960
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