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Indicate whether each of the following statements is true, false, or uncertain, and explain your answer.
1. A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. 2. The short-run supply curve of a competitive firm is its MC curve. 3. If a firm is producing at the profit maximizing level of output, it must be making a profit. 4. Perfect competition guarantees allocative efficiency. 5. Perfect competition guarantees technical efficiency. 6. A profit-maximizing monopolist can never be allocatively efficient.
Explain why you would be more or less willing to buy a share of Apple Computers stock in the following situations:
Discuss the advantages and/or disadvantages of distributing marketable pesticide permits to each farm operating in the watershed equal to 40% of its current level of use of that pesticide, versus simply ordering each farm to reduce pesticide use t..
What is the profit-maximizing price to charge a Texan for a car wash? What is the profit-maximizing price to charge a Californian for a car wash?
The UAW labor contract with General Dynamics expired in October 2001. IN the months preceding the expiration date, bargaining teams for the UAW and General Dynamics met to negotiate a new contract.
How is interest rate described? Why is there a lower present value of goods to be delivered in future? What are their respective interest rates? Illustrate the adjustments which you think will ensue.
Consider the Bertrand model with no product differentiated in which each firm has a positive and fixed sunk cost F and zero marginal cost. What are the equilibrium prices and profits? Illustrate your result on a proper diagram.
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
Impact of technology advance a monopolist has the following demand function: Solve for the price and quantity that the monopolist would choose to minimize its profit. And also calculate the resulting profit.
Assume that, from an initial consumer equilibrium position, the price of good X falls-explain how and why the consumer's relative consumption of two goods will change.
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said
Draw a graph describing the demand and supply curves before and after the tax. describe graphically the tax revenue and how it is shared between the consumers and suppliers (producers) of gasoline.
Describe the following statement: "In competitive market the least-cost production methods are revealed by entry and exit, while in public utility regulation they're revealed by commission rate hearings. It is easier to fool commissi..
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