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A decrease in the demand for incandescent light bulbs due to changes in consumer tastes, accompanied by a decrease in the supply of incandescent light bulbs as a result of government restrictions, will result in
A) a decrease in the equilibrium quantity of incandescent light bulbs and no change in the equilibrium price.
B) a decrease in the equilibrium price of incandescent light bulbs and no change in the equilibrium quantity.
C) a decrease in the equilibrium price of incandescent light bulbs; the equilibrium quantity may increase or decrease.
D) a decrease in the equilibrium quantity of incandescent light bulbs; the equilibrium price may increase or decrease
Explain how would a low-cost price leader enforce its leadership through implied threats to a rival. Provide at least one example of such a strategy.
A large, well-established home insurance company writes insurance policies to cover losses from fire, theft, and vandalism. In a recent financial review, managers discovered that company performance was lagging behind projections. Do the actuaries ha..
Imagine that politicians have decided that fuel prices are excessive for U.S. drivers and have passed a law that grants the power to regulate retail fuel prices to the U.S. Department of Energy. • How might supply and demand for fuel be affected by f..
The Lumins Lamp Company, a producer of old-style oil lamps, estimated the following demand function for its product: Specify the marginal revenue function. Write an equation for the total cost (TC) function in terms of Q. Specify the marginal cost fu..
q. 1. the article states starting about 1950 the relative returns for schooling rose and they skyrocketed after 1980.
How did Samsung’s unveiling of the galaxy S5 affect the demand for the S4? What determinant(s) of demand changed? How did Wal-Mart’s price cut compensate?
What are the main goods and services the United States traded internationally? What trade barriers were in place during that decade? What are two pros and two cons of the trade barriers used?
If the Bank of Canada sells 100 million worth of bonds to the public in an open market operation. What level of output will the firm choose? Is the firm making a profit.
There are extremely high incidences of speeding in Bathlaham. The fine for speeding is currently $200, and it is estimated that the current probability of a speeding driver being caught and convicted is 5%. Provide an explanation for why speeding is ..
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
“Rising oil prices will lead to decreased employment, lower wage rates and decreased real money balances.” Comment on this statement with the help of an AD-AS diagram and explain the short-run and long-run adjustment processes.
Suppose the education an individual acquires makes her a more productive member of the workforce and also decreases the likelihood of her supporting dictator. Explain why market recognizes the first effect, but not the second?
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