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1. Discuss the pros and cons of monopoly structures.
2. Cite the forces that influence the supply of labor
3. Explain why the labor demand curve slopes down word
Assume a perfectly competitive market structure. Complete the diagram to show the profit maximizing price and quantity. Label each (use Insert textbox). Is the firm earning economic profits or losses? If so, what will occur over the long-term?
While the population variances are unknown, we will assume they are equal.
When economists speak of "marginal," they mean. Managers undertake an investment only if. A manager of a clothing firm is deciding whether to add another factory in addition to one already in production. The manager would compare. If a firm's average..
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
An apparel manufacturer purchases cotton and other raw materials for the production of shirts. Would the sale of cotton from a cotton mill to the shirt manufacturer be included in the calculation of GDP? Why or why not?
Suppose one economist believes the target rate of unemployment is 4.2 percent while another believes it is 5.3 percent. Using Okun’s rule of thumb, by how much would you expect their estimates of potential GDP to differ in an $11 trillion economy?
If this is true, explain why does not just one state produce all of the orange juice for the U.S. market.
A glass factory sold $1,000,000 of glass to an automobile factory. An automobile factory sold $10,000,000 in automobiles to final consumers. Given these events, calculate the GDP of Autoland using a. the final goods approach. b. the value-add..
When the Bell System was broken up, the old AT&T was split into a new AT&T in addition to seven regional telephone companies. The specific reason for forcing the breakup was to increase the degree of competition in the telephone industry. Do you thin..
Spivey just won the Powerball lottery! The $25,000,000 jackpot will be paid in 10 annual instalments of $2,500,000 each, with the first payment to be paid immediately. Spivey's opportunity cost of capital (interest rate) is 4% per year. What is the p..
During the last 10 years, Orlando, Florida grew rapidly, with new jobs luring your people into the area. Despite increases in population and income growth that expanded demand for housing, why the price of existing houses barely increased.
In a particular industry, labor supply is ES=20+w and labor demand is E D=60-4w , where E is the employment level and w is the hourly wage. What are the equilibrium wage and employment if the labor market is competitive?
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