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1. Describe the fundamental difference between pure competition and monopolistic completion.
2. Describe the fundamental difference between pure competition and non-collusive oligopoly.
3. How do economies of scale and product differentiation (both desirable qualities) alter the nature of markets in the real world in negative ways?
4. What keeps oligopolistic industries from abusing the market power they hold, forming into collusive cartels, or merging into dominant monopolies?
5. What does society do to undermine the macroeconomic impacts of the chaotic nature of continuous product differentiation by monopolistically competitive firms?
6. If these two market types, not pure competition, make up 90% of the market reality that we live in what lesson is to be learned?
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Suppose that the Bureau of Labor Statistics issued statistics about the population and labor as the following:
Evaluate whether and to what extent the human failures that led to the disaster can and will be corrected.
Supermarket ends its promotion. What does her budget constraint look like now. What combination of meat and potatoes maximizes her utility.
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If the Japanese yen appreciates against the U.S. dollar,
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Suppose that the price ceiling of $6 is imposed on this market. If the highest willingness to pay consumers are allocated the cups, what is the deadweight loss?
Suppose the Federal Reserve Bank adopts expansionary monetary policy. Using the graph of supply and demand for the market of short term Treasury securities, show graphically and briefly explain what happens to the price of short term treasury securit..
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