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A price-taking ?rm selling in a market with a price greater than the ?rm's average total cost should:
Increase its output level
Decrease its output level
Cease operation in the short run
Cease operation in the long run
None of these
Suppose a perfectly competitive industry whose demand and supply are characterized by the following demand and supply functions: Qd = 180 − 2P and Qs = 10P. How many units will the representative firm produce? Taking this quantity as the average per ..
If the marginal propensity to consume were 0.9, how large would each of the following need to be in order to restore full-employment equilibrium?
Suppose a tax cut affected aggregate demand and aggregate supply. The shift in aggregate supply would make the
If bagels and doughnuts are substitute goods, then which of the following is likely to occur if the price of bagels is reduced?
Consumers buy from the lowest price firm, and the highest price firm sells nothing. If the firms pick the same price, they split the market demand equally.
A recent study indicates to the long-run average cost curve for cellular telecom companies are basically flat. Illustrate what do you expect to happen to industry output.
Report on an article from the Economist, identifying a market failure, defending or critiquing existing policies meant to deal with the market failure, and suggesting possible policy improvements using economic language and analytical tools
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
You have made arrangements to borrow $1,000 now and another $1,000 three years from now (End of Yr 3). The obligation is to be repaid at the end of four years. If the projected interest rates in years one, two, three, and four are 10%, 12%, 12%, and ..
Firms that had virtual monopoles, that is control over at least 80% of industry production, because of control over an essential resource include all of the following except the - The marginal revenue that would be derived from the production of a ..
How much does each firm produce if they move simultaneously? What is the equilibrium price?
Why is the financial system of a country important for long-run economic growth? Firms care about their after tax return on investment projects. Consider the following data for closed economy
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