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1. Strictly speaking, pure competition never has existed and probably never will. Then why study it?
2. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain your reasoning.
3. Suppose that purely competitive firms producing cashews discover that price exceeds marginal cost. Will their combined output of cashews be too little, too much, or just right to achieve allocative efficiency? In the long run, what will happen to the supply of cashews and the price of cashews?
when comparing a competitive market to a monopolistic market, A) the monopolistic supply curve is equal to the competitive supply curve B) the monopolistic marginal cost curve is equal to the competitive supply curve C)the monopolistic supply curve i..
The potentially valid arguments for tariff protection-military self-sufficiency, infant industry protection, and diversification for stability-are also the most easily abused." Why are these arguments susceptible to abuse
A firm in perfectly competitive 'industry has this cost function: TC = 900 + q^2-If market demand is QD = 1800 - 20P, what is the long-run equilibrium price, quantity produced by the firm and the industry, and the number of firms in the industry?
Is the compensation scheme at your present place of employment consistent with a reasonable solution to the agent principal problem?
The one-year real rate of interest is currently estimated to be 3 percent. The current annual rate of inflation is 2 percent, and market forecasts expect the annual rate of inflation to be 5 percent. Approximately, what is the current one-year nom..
A firm, which is the only supplier of a good located in a particular town, is accused of engaging in anticompetitive tactics in order to protect its monopoly position in that town. As part of its defense, the firm has argued that the geographic an..
Alexander is involved in a dispute related to his business. Alexander is considering legal action. Why may it be financially advantageous to alexander's business to avoid litigation and mediate the case
Briefly accounting describe two limitations of national income. On the basis of these data calculate GDP, GNP, NDP, NI, PI, and disposable personal income.
Find out the equilibrium market price. Find out the profits of the leader and the follower
Rent Payment, Food, Utilities, and All Other. Your program should add the amounts, display the total, and compute and display the percentage for each category. Dollar amounts should be displayed with two decimal places
Pick two similar small businesses in the same industry with which you are familiar, one successful and one not so successful. Describe them in a post, and compare and contrast these businesses. What is the difference in management style between the..
discuss why this might happen. Suppose that labor and management agree to adjust wages continuously for any changes in the price level. How would such adjustments affect the slope of the aggregate supply curve
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