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1. In a market system, well-defined property rights are important because they:
reduce unnecessary investment. limit destructive economic growth. create economic problems. encourage economic activity.
2. The regulatory mechanism of the market system is:
self-interest. private property. competition. specialization.
3. According to Emerson: "Want is a growing giant whom the coat of Have was never large enough to cover." According to economists, "Want" exceeds "Have" because:
people are greedy. productive resources are limited. human beings are inherently insecure. people are irrational.Economics
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline in a market with downward sloping demand and upward sloping supply would raise the equilibrium price. a exactly $1.00 per gallon.
Does economic theory indicate that an ideal regulatory agency that forces a monopoly to charge a price equal to either marginal or average total cost will improve economic efficiency Does economic theory suggest that a regulatory agency
The price of Burger King's Whopper hamburger declines and mcDonald's distributes coupons for $1.00 off the purchase of a Big Mac.
TC=0.2Q^2-5Q+30(Q^2 means Q square) a) What is its corresponding marginal cost curve b) If the firm faces a price of $6 per unit, what quantity should it sell c) What profit does the firm make at this price d) Should the firm shut down
Ascaro incurs monthly total costs according to the function TC= 49+4q+q2 and monthly marginal costs according to the function MC= 4+2q, where q is the quanity of grapes produced bu Ascaro.
think of two examples of pure monopoly in the real world-one of a public good and one of a private good. then with
1.nbsp you are given the following information about the costs of a perfectly competitive
Why do shifts in production function takes place & how does it affect operational efficiency?
How much effort do the students exert in the Nash equilibrium of the game introduced by Amalia and what value for the cake induces the students to exert the efficient effort level
Compare and constract equilibrium for a monopolistic fir and that of a perfectly competitive firm. clearly labelled diagrams should be included
Take a small company to be established and construct a cost revenue analysis to see how feasible the project could be? Divide your cost of production into fixed and variable cost. Calculate the price that you think will make the business break eve..
The Theory of the Firm document, the Friedman article, and the information in chapter 4 argue that the main goal of a firm in a market economy is to maximize profit (shareholder wealth)
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