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The goal of all capitalists is to dismiss the competition and gain market power.
a) Explain why that might be hurtful for the economy, though not for everybody, clearly stating who wins and who loses in the presence of monopolies.
b) What can be done about monopolies? Explain some of the possible policy responses by the government and why some might be more appropriate than others in certain context.
c) But do we have to do anything? Explain Schumpeter's theory of creative destruction and how the economy can be seen as a succession of monopolies.
d) What about a situation where there are a couple of firms (an oligopoly). Is that likely to generate a similar outcome to that of a monopoly? Why or why not?
Discuss the characteristics of Great Britain's economic relationship with India in the 17th and 18th centuries? How would you describe their success in their competition with Dutch?
Identify and describe the effects of a change in money supply on the interest rate. Explain the money multiplier and the money creation process.
Suppose that you are on holiday in Russia, when suddenly you are arrested and accused of spying for United States.Your captors tell you that if you confess, you will receive a prison sentence of 2-years,
How does an increase in the price of widgets affect the: And describe the effects in detail?
To complete the analysis, Chuck wants to know more about the revenue that he can generate from his farm. The price of corn depends on how much Chuck produces.
John Adams wrote in 1814, "Democracy never lasts long. It soon wastes, exhausts and murders itself. There never was a democracy yet that did not commit suicide."
Discuss and explain the limitations of the United States "supply side" policy in the war on drugs. Can we win the war on drugs? Describe your position on legalization.
Describe the difference between average revenue and marginal revenue .why are both of these revenue measures important to a profit-maximizing firm?
Lenders and borrowers are all so nervous that the huge planned increase in the money supply ,refrred to as 'quantitative easing' , may have much smaller stimulating effect than it would have in normal circumstances.This strategy is not without ris..
A two-year-old child is eating raisins one at a time from a large box. Even though the child doesn't understand formal economic theory, he knows when to stop eating because he is full. Describe how this child has already mastered marginal analysis..
Which country has a comparative advantage in producing fish? Explain why. Suppose that trade takes place between Kiribati and Tuvalu. Which good will Kiribati import from Tuvalu? Explain why.
From time to time it has been proposed that a law or constitutional amendment be passed that will force the federal government to balance its budget every year. How would such a requirement affect the conduct of discretionary fiscal policy? Automa..
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