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Monopolistic competition means:
A.) firms are in perfect competition but they collude similar to monopolies B.) firms differentiate their output, which makes them price-makers, but barriers to entry are low or non-existent C.) firms are in a monopoly but they compete D.) firms face a horizontal market demand
Similarily, the movie You’ve Got Mail features a successful small bookstore competing with a new book superstore around the block. The big superstore offers large discounts, while the small independent bookstore has better service and more knowledgeable staff. The movie best illustrates which of the following?
A.) The Meg Ryan character’s bookstore best illustrates a perfectly competitive firm B.) Small producers offer differentiated products and compete most effectively through product differentiation C.) The Tom Hanks character’s bookstore best illustrates a monopoly firm D.) Large producers offer differentiated products and compete most effectively through product differentiation E.) Small producers can’t compete based on costs.
The more narrowly we define a good, the easier it is to find substitutes, and
Suppose a firm is producing 1,000 units of output (Q). Its average fixed costs are $50. Its average variable costs are $25. What is the total cost (TC) of producing 1,000 units of output (Q)? It the price (P) of the good is $100, what is total rev..
Your cousin wants to start his own business, and he is in a hurry. He has decided not to write a marketing plan because he thinks that preparing such a document would take too long. He says he doesn’t need a formal proposal because he has already rec..
In the late 1990s, car leasing was very popular in the United States. A customer would lease a car from the manufacturer for a set term, usually two years, and then have the option of keeping the car. Why was the manufacturer losing money on this pro..
Monetary theory examines the role of excess reserves (actual reserves minus required reserves) in influencing economic activity and Federal Reserve monetary policy. Viewed in the context of a single bank, excess reserves are difficult to measure. Exp..
Write a 2-3 page paper addressing the following: 1. Describe the general characteristics of oligopolies. 2. Describe the economic characteristics unique to the airlines.
What is market failure? If market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?
Illustrate what can be said about the utilization of resources when 20 airplanes and 20 buses are produced. What is the opportunity cost of increasing the production of airplanes from 50 to 60? From 0 to 10 airplanes.
Why is there currently an even greater need for effective employee communications? Describe some efforts made by U.S. firms that demonstrate the uniquely American concept of corporate social responsibility (CSR). Provide examples to support your ans..
Consider the model of Gaynor & Town (2012) in which hospitals choose quality with a fixed price. Recall that the model begins with a demand specification, qj = sj (zj , z\j ) × D(¯p, zj , z\j ), where the hospital’s market share sj is a function of i..
Show a graph of the supply and demand for reserves where the equilibrium federal funds rate is below the discount rate. What would the Fed do to lower the equilibrium federal funds rate? Explain and show on the graph.
q1. peter and sally enter a bus and two adjacent cramped seats are free. they must decide whether to sit or stand.
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