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1. a) List and describe the four assumptions that underlie the theory of perfect competition.
b) What is the shape of the demand curve faced by the perfectly competitive firm?
c) Explain the situation when the firm under perfect competition continues production in the short run even if the firm incurs abnormal loss. Illustrate your answer.
When firms in Mexico cause pollution that crosses the border, U.S. residents along the border are damaged. That pollution is an external cost, since the US residents have no way to extract payment for damage from the Mexican polluters. What policies ..
The United States Postal Services maintains a monopoly on mail delivery in part through its exclusive right to access customer mailboxes.
How is the real GDP calculated from the data and how is the growth rate of GDP calculated from the given data? Fill in the missing values of the growth rate of nominal and real GDP in the table.
For each of the transactions below, state whether they count as part of American 2012 GDP or not. If they do, state which component of GDP they affect
His strategy to acquire companies in different lines of business based on the requirement that each business in GE was to become the #1 or #2 competitors in the industry is touted as being particularly brilliant.
Consider two countries, A and B, that have identical physical endowments of a key natural resource. In country A, any profits that are made from extracting that resources are subject to confiscation by the goverment
Suppose the government of Kenya decides that lowest amount paid as salary by Kenyan companies at the Export processing zone will be Ksh 30,000/ effective June 2
How would you define bureaucracy as it exists today? Do you think there are roles that are more valued than others? If so what are they? Explain in your own words what prejudice and discrimination mean to you.
Discuss the incentives for Michelin to transfer tires at a low price from Stomil Olsztyn to its Michelin parent.
Is this a good thing for consumers? On the other hand, the government sees the increase in cell phone use as an opportunity to make some additional revenue, and it decides to tax service providers.
Compare and contrasteconomic rational choice theory with sociological strain theory. Economicrational choice theory is the foundation of neoclassical micro andmacroeconomics . Sociological strain theory was originally formulated by RobertMerton in "S..
Describe how the budget constraint of a household in a two-period model is affected by each of the following changes. In each case, do you think the household is better off or worse off? If ambiguous, what does the answer depend on?
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