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In a perfectly competitive market an individual firm (seller) faces a perfectly elastic (horizontal) demand curve, set at the market price. With a horizontal demand curve, is there any consumer surplus? Why or why not? What does this indicate about the impact on consumers should a single firm shut down?
In any of the other market structures (oligopoly, monopolistic competition, or monopoly), the sellers face downward sloping demand curves. Is there any consumer surplus generated? Why or why not?
Microsoft and smaller rival often have to select from one of two competing technologies. The rival always prefers to select the same technology as Microsoft (because compatibility is important), while Microsoft always want to select a different techn..
Illustrate what are the costs associated with this non-native species.
All of the following qualifies as capital in economics except
Suppose that a war in other countries led to higher government spending in those countries and all else remains unchanged. Use the loanable funds theory to identify whether supply and/or demand changes in the non-warring countries.
Explicates how the factors determining resource demand differ from those determining product demand.
If the tax elasticity of supply is 0.55 by how much will the quantity of labor supplied decrease when the marginal tax rate increases from 35 to 45 percent?
When the money supply increases at the same time that velocity is decreasing, total spending will a. always rise. b. always decline. c. fall if the decrease in velocity is relatively less than the increase in the money supply. d. fall if the decrease..
The widget Industry in Any town is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given.
A freeze in Brazil's coffee-growing region will lower the price of coffee. "Protecting" American textile manufacturers from Chinese clothing imports will lower clothing prices in the United States. The rapid increase in college tuitions will lower th..
One approach that government can use limit the right to pollute would be by issuing pollution permits. Without a pollution permit, compan's aren't allowed to emit pollutants into air,
In Komino City, the taxi industry is regulated by the Government Taxi Authority. A company can only supply taxi services, in Komino City, if it is issued a licence by the Government Taxi Authority. Suppose that the Government Taxi Authority issues on..
My contention is the US is not expanding its production possibilities enough to lead to an increase in our PPC sufficient to increase our population’s standard of living. List two policies that the US government could use that would likely increase o..
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