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In the lectures videos, we identified three tasks any collusive arrangement or cartel would need to accomplish if they were going to be successful in raising price above the competitive level for an extended period of time.
List these three tasks and describe why each task is important in the cartel’s efforts to keep price above the competitive level (that is, discuss the role each plays in getting and/or maintaining a higher than competitive price).
Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly. What characteristics of the industry make it a monopoly? What is the impact of the monopoly power on its customers?
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables: a. The real interest rate increases. b. Consumer confidence decreases. c. Higher taxes are imposed on business profits. d. The economies ..
What happens in a decreasing-cost industry when some firms leave and the industry's output contracts?
How does a government spending and tax policy act as automatic stabilizers for the macro economy? Given the logic of the automatic stabilizers, why should we be concerned about deficit cutting efforts during a recession? What types of lags in fiscal ..
Illustrate what financial market yield data can the Federal use to determine if longer term inflation expectations are well anchored
Suppose that you have homothetic tastes that happen to have the special property that indifference curves on one side of the 45-degree line are mirror images of indifference curves on the other side of the 45-degree line. Suppose that your tastes can..
Do you find the most important aspect of our economy that needs to be fixed is the budget deficit?
Money is defined by economists as "anything generally accepted as payment" For each of the following sentences, explain why it does not use the economist’s definition of money: Write a sentence that does use the economists definition of money
When banana prices decreased from $15 to $9 per box, Caribbean production fell from 8 million to 6 million boxes per month. Calculate the price elasticity of supply for Caribbean banana producers using the midpoint formula.
He explains that the firm that has come up with the idea decided to start the coffee push cart in either Cleveland, Ohio, or Houston.
It is said that the current generation of workers will have a very small probability of being employed by the same firm throughout their work life. In previous generations it was common for people to have just one employer. Is a more rapid turnover a..
The Supply curve
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