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When a company is faced by a kinked demand curve, the marginal revenue curve will be:
a. Always zero at quantity produced, b. Discontinuous, c. Horizontal, OR d. Upward sloping
Some people claim the "economic way of thinking" does not apply to issues such as health care. Explain how economics does apply to this issue by developing a "model" of an individual's choice
According to the aggregate expenditure function, as the price level decreases, it is reasonable to expect that the automonos and induced expenditures increase, only the autonomous expenditures increase or else.
Assuming that U =0.5, would an hour spent in the labor force searching for a job make the husband better off or worse off? Would the worker continue to be a member of the labor force under these conditions? If not, how would he be ca..
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
At its profit-maximizing output, a pure nondiscriminating monopolist achieves: neither productive efficiency nor allocative efficiency. both productive efficiency and allocative efficiency. productive efficiency but not allocative efficiency.
Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald's, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale
A combination of low prices with strong competition by foreign competitors and so-called "legacy costs" of unions are cited as the primary reasons why so many steel companies are filing for bankruptcy. In 2002, as Brownstown Steel Corp.
M is the monopolist selling goods G. M's cost function is c(y)=4y where y is total production of G. Some of M's potential customers are members and get the member magazine with coupons.
According to the classical economists, unemployment was a temporary deviation from equilibrium, and certain forces in the economy would return it to full employment. Such forces did not include a.price competition b. wage competition
A small economy with a floating exchange rate is in reccession with balanced trade. If policymakers wnt ti reach full employment while maintaining blanced trade, what combination of monetary and fiscal policy should they choose
The two primary issues in international commerce are dumping and tariffs. Dumping is the international form of predatory pricing, prohibited by the WTO. Tariffs are taxes on imported goods, effectively increasing the price on these goods.
We make selections as customers every day. Opportunity cost is defined as a person's next best alternative or cost of what you give up when you make a choice.
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