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A barrier to entry is A. anything that protects a firm from the arrival of new competitors. B. the economic term for diseconomies of scale. C. illegal in most markets. D. a factor that increases competition because firms must continue to operate in the market in which they were founded. E. the same as rent seeking.
Suppose that inverse demand is given by p(Q) = a-bQ, where Q is total quantity supplied in the market. There are two firms in the market, each with a cost function of c(q) = cq, now assume that the first firm moves before the second firm. Explain why..
What makes it conceivable for a country to experience constant debt to GDP ratio and at the same time experience continual government budget deficits is: Government budget surplus or deficit is: A rise in the government budget deficit will have a :
The percentage effect which increase in output will have on the profit made from producing and selling commodity Alpha will be.
Assume that the United States imposes an import quota on Italian shoes. Relative to the equilibrium world price that would exist in the absence of import quotas, the equilibrium price of shoes in the United States will most likely _____, and the equi..
John Borrows $10,000 at 18 percent compounded annually. He pays off the Loan over a 5-year period with annual payments. Each successive payment is $700 greater than the previous payment. How much was the first payment?
Explain in detail the concept of excess burden (or welfare cost) and explain the factors significant in the calculation of the excess burden. What is the marginal excess burden and why is it important concept for policy evaluation?
List at least four examples of why governments choose to restrict trade with another country. Which of these examples do you feel is the most justifiable?
Brian is the 99% shareholder, president, and director of Arapine Corp. He frequently uses the corporation credit card for his personal expenses. If Arapine is insolvent and unable to pay its debts, and the corporation’s creditors sue Brian personally..
Consider a two player game in which each player has only two strategies.
The base pay for army recruits is $16,000 per year. The army has been recruiting 100,000 new soldiers each year. But this is found to be inadequate given the need for troops in abroad. what would have to be the increase in base pay to attract the des..
Why do economists include only final goods and services in measuring GDP for a particular year? Why don't they include the value of used goods, i.e. cars, furniture, etc., bought and sold? Define net exports. Explain how US exports and imports each a..
Elucidate each of the following statements using supply- and- demand diagrams. a. " When a cold snap hits Florida, the price of orange juice rises in supermarkets through-out the country."
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