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Which of the following statements best describes the idea of a “consumption vocabulary.”
A. People who have a larger vocabulary consume more B. Consumption of a vocabulary falls prey to the same decision principles as consumption in any other domain C. Providing people with names for relevant attributes in a product category allows them to learn and articulate preferences, and to make better choices in the future D. None of the above statements describe the idea of a consumption vocabulary.
Discuss and explain japans slow economic growth over the past few decades and the projection that this will continue.
Give an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
Compare the consumer surplus, producer surplus, and total surplus in this condition to those same measures in a perfectly competitive market.
Use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor an increase in immigration
What is the competitive equilibrium price per ride and what is the equilibrium number of rides per day? How many boats will there be in equilibrium? In this competitive market, what is the aggregate profit?
Suppose market demand and supply are given by Qd = 300 - 4P and QS = -50 + 3P. The equilibrium price is: a $35. b $40. c $50. d $60.
Some observers say that changes in the past few years have eroded the monopoly power of local cable tv companies, even if no other cable firms have entered their markets. What are these changes? Do these monopoly firms still have monopoly powers
Suppose that you are on the board of directors of a firm which is the dominant firm in the industry. That is, it lets all of the other firms, which are much smaller, sell all they want at the existing market price. In other words the smaller firms..
some financial intisutions may take action to remain profitable because of the lower interest rates. Obviously when the interest rates are lower, companies tend to lose money, because it is cheaper for consumers to pay back loans. Financial stabil..
Draw the total market demand curve. Label the axes and intercepts. Discuss how the price elasticity of demand changes along the demand curve.
Which of the Supply Factors do YOU believe will be most important for the future growth of the U.S. economy? WHY? Briefly explain what we mean by labor productivity. What is its most important determinant?
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
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