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1. List the basic characteristics of pure monopoly, monopolistic competition and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification.
2. In long-run equilibrium, pure competition we have P = minimum ATC = MC. Of what significance for economic efficiency is the equality of P and minimum ATC? The equality of P and MC? Distinguish between productive efficiency and allocative efficiency in your answer.
3. Discuss the major barriers to entry into an industry. Explain how each barrier can foster monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable?
Assume now that there is an increase in demand for the good produced in this market. Market has once again adjusted to long-run equilibrium.
Suppose no increase in the price of labor, how many workers will the bakery hire.
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
Compute the change in total income which is P times Q moving
Now assume that these outputs comprise all of GDP. Keeping 1992 as the base year, Elucidate the GDP deflator for 1993.
Assuming individuals hold no cash (all cash is in bank vaults as reserves), calculate the simple money supply from the following reserves requirements and deposits in the systems. 5 Points each, 30 points subtotal
This solution shows graphically what could happens to quantity sold when a price ceiling or a price floor is imposed.
Elizabeth Corday, a quality control supervisor for Surgery Products, Inc., Compute the unit cost growth rate using the constant rate of change model with continuous compounding.
According to law of comparative advantage , who should produce wheat and who must produce Cd palyer? Evaluate all relevant opportunity cost.
Elucidate why not the change in the price of military goods will be reflected in how the United States measures inflation.
Find out Trade Stats Express also find out National Trade Data. Determine the trade balance between the U.S. and China for the period of 2005-2011.
Illustrate what is the price elasticity of demand of a representative gasoline retailer's product.
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