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1. Which of the following statements is true?
The more elastic the demand, the higher the profit-maximizing markup.
The more elastic the demand, the lower the profit-maximizing markup.
The higher the marginal cost, the lower the profit-maximizing pric
The higher the average cost, the lower the profit-maximizing price.
2. In the short run, a monopolistic competitor generally behaves like ____________; in the long run, the market structure becomes _________ competitive due to free entry and exit.
a monopoly; less
a perfectly competitive firm; less
a monopoly; more
a perfectly competitive firm; more
Between 1950 and 2006, the price of wheat fell dramatically from $15.81 per bushel to $3.40 per bushel. Suppose b/w 1950 and 2006, the supply of wheat increased substantially due to increases in productivity, shifting the wheat supply curve to the ri..
To properly justify the governmental provision of a public good, it must be the case that the __________ and that __________.
Gasoline is sold through local gasoline stations under perfectly competitive conditions. All gasoline station owners face the same long-run average cost curve given by AC = .01q-1 +100/q and the same long-run marginal cost curve given by MC = .02q-1 ..
During the course of one day, airlines cut fares on nearly 35,881 routes. (a) Briefly explain why airlines might be more likely to match price cuts than price increases. (b) Which theory of oligopolistic behavior does the above situation most res..
Define price discrimination. What three conditions must exist before a firm can use it? What antitrust act was relevant to the Von’s Grocery case of 1966? Why?
Suppose an economy has the following per-worker production function: What is the consumption in the initial period? What is the change in the capital-labor ratio in the initial period?
Each year since winning control of the House of Representatives in the 2010 election, Tea Party Republicans have argued that we need to immediately initiate sharp reductions in government spending and entitlement programs and rapidly move towards a b..
Explain why this phenomenon may be a good thing, using the laws of supply and demand to explain your answer.
Growth rates of per capita GDP: Compute the average annual growth rate of per capita GDP in the each of the cases below. The levels are provided for 1980 and 2010, measured in constant 2005 dollars.
Discuss the various ways inflation can hinder economic activity. What are some strategies you might use in your life to deal with rising inflation? How might these strategies change if we experienced deflation?
If a nonbinding price floor is imposed on a market, then:
Compare and contrast the behavior of a monopolist and a firm in a monopolistically competitive market:
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