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Economics does not contain the notion of a free market. The tern "free market" is a political term. Economics deals with perfectly competitive markets, monopolistically competitive markets, oligopolies, and monopolies. The opposite of a free market is a fair market, also a political term.
What is a fair market, and why did I say that free and fair markets are opposites? What do you think?
Consider the marginal cost for a product like Microsoft Window 7. How does the marginal cost for a product like this differ from a product like automobiles? What relevance might there be to this difference?
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium price, quantity and consumer surplus?
Why is an increase in the number of varieties of a good regarded as a gain from trade? Can you think of economic disadvantages associated with greater product?
Draw the total producer surplus (PS) on the graph by moving the 4 points of the reddish-purple square shaped box labelled PS. Note that the area may not necessarily be rectangular.
which will cause a larger short run increase in prices an anticipated or unanticipated increase in aggregate demand?
in a complex assembly operation it is found that the learning curve rate is 70. the standard time of 3 minutes per
describe the circumstances under which a firm chooses a low-cost strategy to attain sustainable competitive advantage.
What explains the general rise in the employment-population ratio in the United States? By how much did the ratio decline around the last recession?
The United States dollar exchange rate can be affected by changes in the current account, capital account and official reserve transactions.
Which of the following would lead to a DECREASE in the demand for tennis balls and marv has a Bachelor of Science degree in mechanical engineering and could be earning $30,000 annually as mechanical engineer.
Purdue’s 20 year net Return on the Investment is $591,700 and the total 4 year cost is $91,300. What is the gross return on the investment?
Based on a Rate-of-Return analysis of alternatives A & B alternative B was selected. A Net Equivalent Uniform Annual analysis of the same alternatives led to the selection of alternative A. Describe the circumstances which could lead to this outco..
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