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A fundamental characteristic of oligopolies is the tendency for them to follow price leadership and to act in harmony in the setting of prices, while monopolistic competitors will find it possible to earn only normal profits in the long run-this is because entry into the field by rivals is relatively easy. In this discussion, answer the following:
What examples of these characteristics are you aware of?
Are you aware of any real-world situations where these principles are violated?
How can you explain the behaviors at variance to established economic theory?
State Khinchine's weak law of large numbers and provide a proof of this result. Discuss conditions under which a law of large numbers exists for a sample of independent but heterogeneously distributed random variables.
Which two of the text's possible explanations for increasing wage and salary inequality seem least consistent with the following fact The distribution of earnings has become more unequal within industries (Both goods and service industries) and wi..
Explain why a government might want to regulate a monopolist and How can governments negate the adverse side-effects of gold-plating and cost padding?
Find the equilibrium price, quantity and revenue in a market characterized and Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates.
International data show a positive correlation between income per person and the health of the population. How might the relative importance of two hypotheses be relevant for public policy
Suppose that a firm's production function is given by the Cobb-Douglas function q= (K^a)(L^ß) and that the firm can purchase all the K and L it wants in competitive input markets at rental rates v and w, respectively.
Discuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
What's commonly used is a steam-driven catapult. Large pistons move within their cylinders, driven by steam pressure at one end, and tow the jet forward. Assume that the jet is brought from a stationary state to 159 mph in 2.15 seconds and that the..
Describe the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs.
Explain in detail how each of these forces influences the auto industry, and propose how the auto industry should respond or react to each force. Businesses not only respond and react to external forces, but can also attempt to influence them.
However, the offer was contingent upon the Wallace board eliminating the poison pill. Wallace consulted with its investment banker, which advised the company that the offer was inadequate but did not inadequate. Both the board and its banker belie..
Should the organization or industry continue, develop, or decrease current operations in order to maximize profits? Explain your answer.
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