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Google and its Monopolistic Tendencies
When is an industry competitive and when is it monopolistic?
1) All of you have used Google. Do you think it's anticompetitive? Why or why not?
2) Do you feel you have a good substitute product for Google? Why or why not?
3) Do you think the Antitrust Department should punish Google for being a "monopolist"? Did the author of the article think so?
Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades
Suppose the cross price elasticity of demand among peanut butter and grape jelly is negative.
Let's say there's a world-wide influenza pandemic. Assume that the marginal cost (supply) of influenza vaccinations is constant at $40. Assume that everyone in society has health insurance that pays 80% of all medical services
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
Illustrate the price elasticity of demand at the equilibrium price and quantity.What is the price elasticity of supply at the equilibrium price and quantity.
In other situations it would be reasonable for a purely competitive wheat farmer to raise his price per bushel because he could reduce his variable costs by selling less at a higher price. True or false, and why?
A contry's currency will depreciate if its inflation rate is less than that of its trading partners.
Explain how an individual's Demand curve for medical care will change (i.e., shift) if the following things happen (consider each change individually, holding all other possible influences constant.
Consider the instrumental variable regression model Y i β 0 + β 1 X 1 + β 2 X 1 +u i , where Z i is an instrument
Suppose that workers and firms could always predict next year\'s price level with perfect accuracy.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
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