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Question: When OPEC raised the price of oil dramatically in the mid-1970s, experts said it was unlikely that the cartel could stay together over the long term-that the incentives for individual members to cheat would become too strong. More than forty years later, OPEC still exists. Why do you think OPEC has been able to beat the odds and continue to collude?
explain to a martian what eigenprices are assuming no academic economic knowledge or understanding of mathematical
Emil Flores won't buy any coffee except "Blue Mountain"--a relatively expensive type that few stores sell. He used to have to drive about 10 miles out of his way to buy it at a small shop--but now he has persuaded his local supermarket manager to ..
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $12 million in withdrawals from other banks’ ATM machines. On average, noncust..
How can providers of legal services differentiate their products? How does Nolo.com attempt to do this?3. Search the web for at least three additional online legal firms and compare the services these firms offer (a quick bullet list will suffice..
Data for a monopolist’s total revenue (tr), total cost (tc), and output (q), for 48 consecutive months, appear in the file data#1. Suppose that the monopolist’s economic models for total revenue and total revenue and total cost are given respectively..
What kind of market structure is the fast food industry and diamond industry? How do you know this to be true?
If long-run economic losses are being experienced in a monopolistically competitive market: A. More firms will enter the market
1. the greatest portion of the budget of state and local governments is spent ona schools.b entitlements such as
it's dominated by two firms, AMD and Intel. Yet price competition between those two firms is fierce, driving their profits down. Why is there greater price competition between rival computer chips than between rival computer operating systems
Using the search feature available at the OOH Web site at http://www.bls.gov/ oco/, search several occupations. What factors seem to be affecting employment prospects in those fields? What role does derived demand play? How about technological cha..
Do the data provide sufficient evidence to indicate that bulbs produced by the suspect line possess a larger variance in length of life than those produced by the line that is assumed to be in control? Use α = .05.
cise Taxes and Tax Revenue The government pays attention to elasticity of demand when it selects goods and services on which to levy excise taxes (taxes levied on the production of a product or on the quantity for the product purchased).
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