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Ralph opened a small shop selling bags of trail mix. The price of the mix is $5, and the market for trail mix is very competitive. Ralph's cost curves are shown in the figure below.
If all other sellers of trail mix have the same marginal and average costs as Ralph, should he expect more or fewer competitors in the future? In the long run, will the price of trail mix rise or fall? How do you know? What will the price of trail mix be in the long run?
What are the economic returns - you must talk in terms of both social and economic.
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Explain the process of revenue at NSU, focusing on the relationship between the increased revenue from students enrolling at NSU despite the higher tuition and the lost revenue from possible lower enrollment
Describe how high entry barriers into a market will influence long-run profitability of the firms and explain the competitive pressures that are present in markets with high barriers to entry.
Why did the prices of the other items change? What is the probable impact of the change of other items in the CPI basket?
during the past year the average price of lots along lake michigan in carol beach rose from 2500 to 3000 per foot of
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Are you in favor of either deficit spending on the part of government or one of a balanced federal budget and budget surpluses?
Suppose that the economy is thought to be 2 percent above potential (that is, the output gap is 2 percent) when potential output grows 4 percent per year. Suppose also that the Fed is following the Taylor rule, with an inflation rate of 2 perce..
Consider the following model of trade between Home and Foreign. Assume throughout that those two countries are the only two countries in the world.
Why would Warehouse Electronics be unable to reveal the name of the manufacturer when it advertises its television sets for an unusually low price?
Section 404 of the Sarbanes-Oxley Act of 2002 requires that management of public companies take responsibility for establishing and maintaining the entity's internal control. Management is also required by Section 404 to publicly report on the ope..
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