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There are 4 general market structures detailed in this section:
a. Perfect Competition
b. Monopoly
c. Monopolistic Competition
d. Oligolistic Competition.
1. Compare and contrast each market structure. Make sure to discuss the differences in the productive and allocative efficiency when comparing and contrasting.
2. What market structure most describes the oil industry in the US? What regulatory policy would you enact if you wanted to lower the pump price of gasoline?
Discuss industry structure, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
Externalities are third party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a third party.
Listen carefully to the following video and summarize the main points that he is making and to what extent is it related to Adam Smith's invisible hand
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
Describe the difference between a movement along the demand curve and a shift in demand and determine what factors cause the supply curve to shift? describe each factor.
Determine price and the level of service if competitive bidding results in a perfectly competitive price/output combination. Determine price and the level of service if the car lot grants a monopoly franchise.
Discuss the firm's activities outside the U.S and identify which economic concepts, such as comparative advantage, apply to your firm.
Using the following information complete the cash flow budget for the months of January, February and March. Be sure to include GST in the rows provided. GST at the end of December 2006 was negative $2500.
Explain how economics is used as a social science and as a policy tool and write a two-page essay in which you address the issues.
What provisions of ACA are intended to reduce or increase directly the quantity of healthcare consumed and what extent will these provisions have an effect on expenditures and to what extent will they affect health?
Show, using supply and demand analysis, impact on the equilibrium price and quantity of new Hybrid automobiles when following occurs. Using graphs, explain the change in equilibrium price and quantity,
Using the given table, find out the quantity where MC = ATC. Find out the quantity where ATC is at its minimum. Find out the quantity that is the most efficient operating point for the firm.
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