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If firms in an oligopolistic industry successfully collude and form a cartel, what price and output will result?
a. the monopolistically competitive price and output
b. a price higher than the monopoly price and, because there is more than one firm in the industry, more output than the monopoly amount
c. the monopoly price and output
d. a price lower than the competitive price and, because there are only a few firms in the industry, less output than the competitive amount
e. the competitive price and output
Suppose that four 85-octane gasoline pumps and three 89-octane gasoline pumps provide as much profit at a local convinience store in five days as three 85-octane pumps and five 89-octane pumps provide in four days. Which gasoline pump produces greate..
Shifts in the Aggregate Supply Curves a. List and discuss the things that will make the Short Run Aggregate Supply curve shift to the left or to the right. Illustrate. b. List and discuss the things that will make the Long Run Aggregate Supply curve ..
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?
Joanna and David are farmers who produce beef and corn. In a year, Joanna can produce 10 tons of beef or 60 bushels of corn, while David can produce 10 tons of beef or 50 bushels of corn. To maximize their total output of beef and corn,
What is the equilibrium price for lawn mowers? What is the equilibrium quantity of lawn mowers? What is the value of the maximum gains from trade? What is the value of consumer surplus if a price ceiling of $40 is put in place?
The adoption of wireless technologies varies from one industry to another, and is often based on the benefits provided versus the challenges, implementation issues, and security issues associated with wireless technologies. Consider the wireless c..
If income and consumption in the U.S. economy are growing faster than the economies of the nations that are its major trading partners, then U.S. imports are most likely:
Suppose short-run output exceeds full potential output by 3 percent. According to Okun's law, what is the effect on unemployment? Assuming that inflationary expectations are constant, what is the effect on wages?
How do successful businesses sustain competitiveness in a highly fierce business environment? What's the best strategy to maintain business leadership relative to competition?
Firm A is concerned about the reactions of buyers to the price it sets for its product. Firm B is concerned about the reactions of buyers and its few rivals to the price it sets for its product. Firm C has no control over the price at which its produ..
Calculate the marginal physical product of labor at each quantity of labor
You are a manager in charge of monitoring cash flow at a company that makes photography equipment. Traditional photography equipment comprises 40 percent of your revenues, which grow about 2 percent annually. If the own price elasticity of demand for..
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