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A cartel is branch of an oligopoly. There are still a handful of large firms and many smaller firms. For instance, the diamond industry and the petroleum industries are examples are oligopolies. However, the main difference is that there is cooperation among the firms. Cooperation with output, price, marketing, distribution and future planning. Within a capitalist economy, an oligopoly would not maximize efficiency for both the consumer OR the producer. Does this make the completion much more fierce? Less?
Illustrate want the government to impose a price ceiling on pump gas.
Analyze the dynamics of supply and demand to anticipate market equilibrium. Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies
What is a high performing team? How is it different from an average team? What are the six distinguishing characteristics of a high performing team as discussed in the book?
A farmer is producing where MC = MR. Say that half of the cost of producing wheat is the rental cost of land (a fixed cost) and half is the cost of labor and machines (a variable cost). In the short run, the farmer should shut down because he is maki..
If the economy was experiencing a severe recession, which of the following combinations of monetary and fiscal policy actions would be most appropriate?
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -4, while group 2’s is -3. Your marginal cost of producing the product is $20. Determine your optim..
The present value of a dollar rises as
With flexible exchange rates, trading partners usually are better off if they coordinate their monetary and fiscal policy. Coordination allows: Note: you may have to solve this one by eliminating possibilities.
Suppose the demand for a product is given by P = 50 –Q. Also, the supply is given by P = 10 + 3Q. If a $12 per-unit excise tax is levied on the buyers of a good, consumer surplus is equal to
1) Draw the normal form of the game where either firm can choose to Cooperate or Defect.
Joe expects to graduate from WSU in December 2019 and immediately take a full-time job in his family's construction firm. At that time, Joe could buy a new car using a loan requiring payments of $490 a month for six years, with the first payment bein..
Suppose that you own a 10-acre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $35 per acre for seed, $80 per acre for fertilizer, and $70 per acre for equipment rentals and labor. What if the p..
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