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There are lots of differences between a market served by a monopoly and a market that is perfectly competitive. Sort the items below according to whether they are associated with a single-price monopoly or perfect competition.
- price is higher than in other market structures
- an efficient quantity produced
- there are significant barriers to entry
- firms have no market power
- firms can earn positive economic profit in the long run
Whenever the amount of output produced is not as great as the amount that the economy is capable of producing, there is a positive GDP ___________ and cyclical unemployment will be the result.
The current account balance may fall after a real depreciation because
Consider a 2 player stag hunt in which a Stag is worth 6 jollies to each player and a Hare is worth 1 jolly to any player catching one. What is the mixed strategy Nash equilibrium in this game?
If the money wage rises, all else equal, economists would expect
How did the economic, political, and social forces drive the Europeans to exploration and colonization?
A certain engine lathe can be purchased for $270,000 and depreciated over three years to a zero salvage value with the SL method. This machine will produce metal parts that will generate revenues of $180,000 (time zero dollars) per year. Determine th..
What is the law of supply? Give an example of how you have observed the law of supply at work. What is the relationship of the law of supply and the supply curve?
The vast majority of consumers have a relatively inflexible leisure budget. If sports team moves to town, the money one spend taking a family to a game typically is money that is not spent at a local bowling alley, golf course, restaurant or theatre...
Graph the consumption function, with consumption spending on the vertical axis and disposable income on the horizontal axis. If the consumption function is a straight line, what is its slope?
Suppose that you own a 25 year old movie theater in Micropolis. It has 6 screens and a concession stand. Across town there is a 7 year old movie theater with 4 IMAX screens and 20 more regular screens. Define price discrimination. Describe a price di..
Describe some forms of private spending which represent consumption some forms which represent investment.
Steps that a government take to ensure that sustainable development is always considered in assessing which major economic projects or investment proposals to accept
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