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regarding the four attributes of perfect competition (many small firms, freedom of entry, standardized product, and perfect information): a) which is primarily responsible for the fact that the demand curve of a perfectly competitive firm is horizontal? b) which is primarily responsible for the firm's zero economic profits in long-run equilibrium?
When Burton Denson graduated with honors from the American Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month
The United States is currently recovering from its bad recession in over twenty-five years. Using the resource provided in this and earlier modules of course describe what factors
The price of MP4 players has been going down in the past decade. Give an explanation for this consistent drop in the price of MP4 players. Use the model for long run competitive firm to illustrate your answer. Draw two graphs. One is to show the ..
Each instance which follows is an example of one of four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information).
Write in words (or in mathematical symbols) the formula for the coefficient of price elasticity of demand. What are the numbers or ranges of numbers that correspond to (1) perfectly elastic demand; (2) elastic demand? Give a realistic example o..
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in minimum wage affects the employment of unskilled labor?
Will Truman and Associates, LLC is a successful Manhattan based law company. Worker productivity at company is examined in billable hours, which vary in partners and associates.
You have won the lottery. There are two ways which you can receive your prize. You can either have 1 million in cash now, or you can have 1.2 million that is paid out as follows: $300,000 now, $300,000 in one year's time, $300,000 in two years' ..
From the standpoint of a soft drink company, the question What goods and services should be produced is best represented by which of the following decisions:
Bargaining outcomes in a market-related situation are in general indeterminate and not obvious to the parties in the negotiation. Develop a bargaining situation from which you would conclude that access to market-related information does in fact a..
Discuss the difference between the CPI measure of inflation as collected by the Bureau of Labor Statistics and the Billion Price Project (BPP), which is developed by researchers at MIT.
Calculate the profit maximizing price and quantity of subscriptions for the U.K. and indicate each on the appropriate graph. Do the same for the U.S.
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