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1 How does monopolistic competition differ from pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and how that, in turn, affects its economic profit.
2 "Competition in quality and in service may be just as effective as price competition in giving buyers more for their money." Do you agree? Why? Explain why monopolistically competitive firms frequently prefer nonprice to price competition.
3 Critically evaluate and explain:a. In monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.b. In the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits.
Polly's Pet Store on the Island of Atlantis has a local monopoly on the grooming of dogs. There are 1,000,000 citizens of the Island of Atlantis and 75% of them love and want dogs, but there are only enough dogs on the island for 25% of them to ha..
To determine the average typing speed of 700 students who just finished word processing 101, a group of 20 students is randomly selected. It is determined that the average typing speed is 47 words per minute.
Elucidate how the enterprise zones could be utilized to enhance the economic development implications of your policy issue.
What value added means is not a higher price for certain goods. Value added means adding value to a raw product at its present stage of production and possibly taking that product to the next stage of production.
The investment demand curve is a useful tool to summarize an important and complex relationship in the economy. The determinants that may cause this Investment Demand Curve for the U.S. economy to shift are acquisition
Caroline received a $1 million payment from a lottery ticket. She decided to use the money to purchase a cupcake business. If Caroline had invested the $1 million in a money market account, she would have made $30,000 in interest each year.
Assume there are 3-firms with the same individual demand function. This function is Q = 1,000 - 40P. Assume each firm has a different cost function.
What type of market structure is OPEC? What are some important issues that OPEC must confront in their efforts to control the price of oil?
Using demand and supply analysis, explain the influence of the imposition of a maximum price and a minimum price on a product on price and quantity.
What is the main difference between the demand curves for the perfect competitor and the monopolist? Explain the difference between the firm's demand curve for each and then for the market for each.
Assume you were given the following data for an economy without government spending, exports, or income. C is desired consumption, I is desired investment,
Miller, R.L. (2012). Economics Today, 16ed. Addison-Wesley. p. 295. In today's economy what fiscal policies would you implement? Right now our economy is in a recession, as a Keynesain Economist, how would youl manipulate fiscal policy to improve ..
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