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1) What condition of competitive equilibrium in markets implies that resources are being devoted to their highest valued uses? 2) Why is the unrestricted entry of new firms to all markets necessary to assure the efficient allocation of resources in the long run? 3) "If societies' scarce resources were allocated efficiently within and across branches of production, it would not be possible to rearrange those resources in such a way as to make anybody better off than they currently are." Agree or disagree and explain. 4) Demand conditions for two goods are pictured in the graph below. Assuming that in the long run resources can move freely between production of the two goods, that either good can be produced at a minimum average cost of $20 per unit and that both goods are produced under conditions of perfect competition. Show the net loss in consumers' welfare in long run equilibrium if a government agency imposed a tax of $5/unit on A and gave producers of B a subsidy of $5/unit. 5) Explain why different distributions of income in an economy might well imply different "efficient" patterns of resource allocation. 6) In what sense do monopolistic-competitive markets lead to an inefficient allocation of resources? Do you think consumers' economic welfare would be increased if there were fewer competitors in monopolistic competitive markets? Explain. 7) Discuss the relationship of advertising to economic efficiency. Does advertising increase or decrease economic efficiency? (Hint: you may wish to distinguish the role of advertising expenditures in monopolistic competitive markets from the role of advertising in oligopolistic markets.) 8) What is the justification for regulating the behavior of a "natural" monopoly? 9) Do you think Microsoft is an example of "natural monopoly" in computer operating systems? How does your answer to this question affect whether or not you believe the Government should have forced Microsoft to "break-up" into two competing companies as it originally intended to do? How has Microsoft's behavior differed from that of a traditional unregulated monopolist?
The Omnivore’s Dilemma touches on several specific topics that are a part of our national dialogue on food: nutrition, dieting, and organic food. This dialogue underscores the bigger picture of our need to maintain good health and wellness to live a ..
Compare and contrast setting up a traditional, brick-and-mortar business and an online business. Consider factors such as entrepreneurial skills, facilities and equipment, and business processes.
Which perspective might view the media's restrictive portrayal of "thin women as beautiful" as a contributing factor in the development of eating disorders?
in the 1980s and 1990s collective bargaining in the united states often involved the negotiation of novel pay
What are real-world applications for trig functions, particularly those that come from your program? What do you see as the differences between Developmental psychology and other chapters in psychology. What aspects does Developmental psychology stud..
What is an example of how a decrease in either domestic or international tourism has negatively impacted the economy and what was the cause of the decline?
What is your assessment of Sara Lee's financial and operating performance in fiscal years 2008-2010, the period following the divestitures that were the core of Sara Lee's retrenchment strategy?
Chris has consistently tried to demonstrate his ability so that his colleagues will not think poorly of him. Chris appears to have a(n): Which theory argues that people in organizations have the ability to learn through the observations of others?
A new and some what controversial form of insurance in the U.S. is long-term care insurance, which is intended to provide coverage for residential nursing and rehabilitation services when they are needed for an individual, regardless of age at the ti..
One of the firm's lawyers has asked you to conduct research on behalf of a client. The client is the victim of a sexual assault and did not report the event to the police. The client wants to know if she can sue the offender, and if so, for what can ..
What do you think should be added to the list? Is there anything on the list that you disagree with? Please support your opinion with evidence from our readings and also from your own work and life experience. Please also remember to respond to your ..
i have an essay to write. however i want you to write more than 900 words. please make it in a simple words not
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