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Each of the following firms possesses market power. Explain its source.
a. Merck, the producer of the patented cholesterol-lowering drug Zetia
b. Chiquita, a supplier of bananas and owner of most banana plantations
c. The Walt Disney Company, the creators of Mickey Mouse
The Wall Street Journal reported that recent law school graduates were having a very difficult time getting jobs in the legal profession. Many law schools said that ten to 20% of their graduates still had not found jobs.
Consider a family that ranks combinations of household production time (N) and purchased goods and services (Y) according to the formula: U= NY. Suppose the maximum time available in a day is 16 hours, the wage rate is $4 per hour and the fa..
According to an article in Business Week Online, the company is not only the world's largest shipbuilder but also manufactures other industrial goods ranging from construction equipment and marine engines to building power points and oil refinerie..
If Mary has signed a lease for a shop with 1,000 square feet, if she is not able to get out of the lease or to expand her store in the short run, and if the price of a bouquet is $3 per unit, how many bouquets per month should she sell in the short r..
Ice cream and pie if these are goods that you like, but if you eat too much of either, you get sick of them. If you are sick of a good, eating more of it lowers you utility.
Suppose the income elasticity of demand for pre-recorded music compact disks is +6.0 and the income elasticity of demand for a cabinet maker's work is + 0.6.
At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, the demand for gasoline reduces by 2.00%.
An rise in the marginal propensity to will reduce the size of expenditure multiplier and therefore the IS-curve will shift to the
Tariffs not only reduce the volume of imports, they also reduce the volume of exports
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associat..
Does the principle of “increasing opportunity cost” hold in this nation? Explain briefly. (Hint:What happens to the opportunity cost of bread—measured in number of ovens—as bread production increases?)
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