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Two of the characteristics of a perfectly competitive market are that there are a large number of firms and each firm produces a product that is identical to what the other firms produce. Good examples of perfect competition can be found in the agricultural sector, primarily because it is difficult to modify an agricultural commodity (e.g., corn, soybeans, wheat) to create a branded product.
1. Identify a market that you believe satisfies the requirements for perfect competition.
2. If you've noticed advertising for that product, is the advertising by an individual producer or an industry group? (If you've answered individual producer, you might want to go back to (1) and rethink whether the product is sold in a perfectly competitive market.)
3. Why doesn't it make economic sense for individual firms to advertise in a perfectly competitive market? Who would gain in the short run? Who would gain in the long run? Who would likely be worse off because of that advertising?
Participate in a discussion with your classmates regarding how monetary policies affect our lives. Utilizing the knowledge that you have accumulated during our course, and by reading or watching the current news, determine the monetary policy issues ..
q.a can of soda costs 0.75 in the united states and 12 pesos in mexico. what would the peso- dollar exchange rate be if
Your company (an Australian pharmaceutical company) is considering South Africa and China to expand its business and enter the global marketplace for the first time
In an essay of at least two well-developed paragraphs, explain how making regular deposits in a savings account or buying shares of stock or bonds makes an impact on our economy.
New classical economists believe that it is possible under certain circumstances for an increase in the money supply to lead to a decrease in real GDP in the short run.
Explain how does capital help human productivity in relation to farm labor, office help, teaching, or government administration.
Suppose that the labor market is competitive and there are a total of 1,000 black workers and 1,000 white workers (who each supply their labor in elastically). Both black and white workers are equally productive, having constant individual dollar pro..
What are the advantages and disadvantages of using an expansionary monetary policy in a recession compared to using fiscal policy? (Please note: I am not asking you how monetary policy works. You have already answered it in part c above. The question..
A man is planning to retire in 20 years. Money can be deposited at 8%, compounded monthly.It is estimated that the future general inflation rate will be 3% compounded annually. What deposit must be made each month until the man retires so that he can..
A rule of common law takes precedence over a statute. Legislatures have the power to change the law by enacting new rules of common law. Statutes take precedence over rules of common law.
If you receive an inheritance of $10,000 today, how long do you have to invest it at 8% per year to be able to withdraw $2,000 every year forever? Assume the 8% per year is a return that you can depend on forever.
If an industrial process emits a pollutant, is it more efficient to monitor the amount of pollutant emitted by each firm and establish a tax per unit of pollutant, or to
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