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1. What is meant by deadweight loss? Why does a price ceiling usually result in a deadweight loss?
2. Suppose the supply curve for a good is completely inelastic. If the government imposed a price ceiling below the market-clearing level, would a deadweight loss result? Explain.
3. How can a price ceiling make consumers better off? Under what conditions might it make them worse off?
In a closed economy $10,000 is to be spent anually on the maintenance of existing capital stock,while the factor cost of final goods producing during the year=65k $. Producers pay 10k by the way of production. Find GDP at market price.
Due to a slow economy, business has been slow and you are losing money every month. The owners have asked you whether to continue operations or to shut down at least until the economy improves.
Beachfront resorts have an inelastic supply, and automobiles havean elastic supply. Suppose that a rise in population doubles thedemand for both products (that is, the quantity demanded at eachprice is twice what it was.)
What are the three main questions that all economic system must answer? Who answers them under a communist system? A socialist system? A capital system?
Which of the following statements about the distribution of physicians among specialties is true in the United States?a) The majority of physicians specialize in general/family practice b)There are twice as many generalists as there are specialists
What would be the appropriate fiscal policy to help our economy? Please evaluate how our economy is doing and why you selected your respective fiscal policy action. What are some of the challenges of using fiscal policy to stabilize our economy
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
Last Friday night, Rich went to a tavern to buy pizza and bottles of beer. He noticed that four pieces of pizza and two bottles of beer cost the same as two pieces of pizza and eight bottles of beer. What is the cost, in bottles of beer, of a slic..
The price of cranberry juice suddenly increases. As a result, Glenda begins drinking more grape juice, which is less expensive, but tastes just as good to her.
chistorically shifts towards a more expansionary monetary policy have often been associated with increases in real output. can an expansion in the money supply increase real output and employment
Aside from humanitarian concerns,what is the one reason on nation is motivated to provivde foreign aid to a less developed country.
Gamma Corporation, one of the firms that retains you as a financial analyst, is considering buying out Beta Corporation, a small manufacturing firm that is now barely operating at a profit.
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