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This activity is preparation for the essay questions on the midterm.Answer the below essay questions with 3 well written paragraphs that FULLY ANSWER THE QUESTION. Do not copy anything directly out of the textbook or from the internet.
Submit your answers to Activity4 in the Assignments Folder, either in the text box or as a Word doc.
Critically evaluate and explain each statement:
1. The more profitable a firm, the greater its monopoly power.
2. With respect to resource allocation, the interests of the seller and of society coincide in a purely competitive market but conflict in a monopolized market.
Suppose the government misjudges the natural rate of unemployment to be much lower than it actually is, and thus undertakes expansionary fiscal and monetary policies to try to achieve the lower rate.
In using game theory, both parties have dominant strategies that lead to a best case for each individual. However, these decisions result in a worst case for the combination of the two. Discuss ways that each party can achieve a better solution.
What is the explanation that has stood the test of time and analysis as the major cause of the Great Depression? a. The collapse of the U.S. banking system and contraction of the money supply was the major cause of the Great Depression. b. The stock..
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
In general, marginal cost curve is U-shaped as you learned in my lecture and textbook. However, exception exists. Would you please provide one particular industry as an example to illustrate that MC is not U-shaped
Recently, the Fed is paying banks interests for their required reserves and excess reserves. This is now the fourth policy tool for the Fed to control money supply (in addition to the three policy tools summarized on p. 423.). what if the Fed want..
Felix Jones, a recent engineering graduate, expects a starting salary of $ 65,000 per year. His future employer has averaged 5% per year in salary increases for the last several years.
Evaluate arc price elasticity of demand between prices of $4 and $6 and compute the point price elasticity at the price of $6 state the significance of the coefficients.
Principles of Microeconomics - There are 2 brands of cell phones that are almost identical except for some minor features: the A-Phone and the Pomegranate.
A small open economy produces two goods: Manufacturing (m) and Agriculture (a). Production of manufacturing uses capital (K) and labor (L) while production of agriculture uses land (T) and labor (L), i.e. capital is a factor of production specific..
A family decides to save for the college education of their kindegradener starting with her 6th birthday. They would ilike to have $40,000.00 at her 19th birthday.
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