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If price is above equilibrium in a market with no interference, which of the following will happen?
a. The price will fall increasing the quantity demanded and reducing the quantity supplied so that the market will return to equilibrium.
b. The price will rise increasing the quantity supplied and reducing the quantity demanded so that the market will return to equilibrium.
c. The quantity demanded will be greater than the quantity supplied and a shortage will occur.
d. The quantity supplied will be less than the quantity demanded and a surplus will exist.
Explain the "(adjustable) fixed exchange rate" system under the Bretton Woods system.
Milton Freedman, the champion of the Monetarists School of Economics, basically proved that it was monetary theory, changes in the money supply, that was the only way to affect the economy. Pump priming was false.
If the demand for a product is unit-elastic, a 25 percent increase in its price will result in: a. no change in quantity demanded. b. a 25 percent decrease in quantity demanded. c. a 25 percent change in total revenue. d. a 100 percent change in quan..
Lenny was a resident of Maine and Milly was a resident of Arizona. Both went on vacation to Nevada. When on the golf course, Lenny drove the golf car recklessly, hit Milly, breaking her back. Milly suffered damages of $84,000. Indicate which states c..
Suppose that the production function is y=ka, where y and k denote production per unit of effective labor and capital per unit of effective labor, respectively. Suppose also that the saving rate, the depreciation rate, the growth rate of the populati..
If they both hire consultants, they cancel each other out and they expect to get half the pot minus the consulting costs.
Firms can have: Accounting losses and economic losses
Identify the legal concept of negligence and discuss the demands necessary to establish a negligence cause of action. Be sure to pay particular attention the issues of causation, foreseability, proximate cause and the defense one may have to a neglig..
Explain the market failure associated with negative externality - How does the government address the negative externality in your case study
In this exercise, you will explore the equilibrium of a market in which we know the cost function of the firms, as well as the demand function of consumers. You will first analyze the short-run equilibrium, and then the long-run equilibrium. Draw the..
Evaluate a company's recent (with in the last year) actions dealing with risk and uncertainty. (Southwest Airlines)
The production function is Q=L, and the labor supply curve is w=10+L. How much labor does the firm hire? What wage is paid?
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