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1. Why will a monopolist"s output increase if the government forces it to lower its price? If the government wants to set a price ceiling that maximizes the monopolist"s output, what price should it set?
2. How should a monopsonist decide how much of a product to buy? Will it buy more or less than a competitive buyer? Explain briefly.
3. What is meant by the term "monopsony power"? Why might a firm have monopsony power even if it is not the only buyer in the market?
Continue to assume that your firm will survive for only one production period.
Assume the government sets a price ceiling below the Pe. Plot this price ceiling price on your diagram. What is the new market situation How will it be decided who can buy the quantity supplied of gasoline
Mention two economic choices you had to make with in last week. Alfred Marshall said in 1890s, "economics is the study of man in ordinary business of life." You must examine one or two of these choices in terms of alternatives you gave up.
When a perfectly competitive firm finds that its market price is below its minimum average variable cost, it will sella. any positive output the entrepreneur decides upon because all of it can be sold. b. nothing at all; the firm shuts down c. the ou..
Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. What impact do you suppose farm subsidies are likely to have on the following?
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $260,000, $220,000, $150,000, and $130,000, ..
Private and Public Goods) Distinguish among private goods, natural monopolies, open-access goods, and public goods. Provide examples of each. a. What is the external cost per unit of production
What would be the appropriate fiscal policy to help our economy? Please evaluate how our economy is doing and why you selected your respective fiscal policy action. What are some of the challenges of using fiscal policy to sta..
suppose that society decided to reduce consumption and increase investment. How would this change affect economic growth What groups in society would benefit from this change what groups might be hurt
Suppose equilibrium GDP is less than full-employment output and the economy is in a recession. What are the appropriate fiscal policies that would take the economy to full employment level?
Victory Visa, Magnificent Master Card, and Amazing Express are credit card companies that charge different interest on overdue accounts. Victory Visa charges 26% compounded daily, Magnificent Master Card charges 28% compounded weekly, and Amazing ..
explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to societys total output. why does the productivity standard typically fail to yield an equal distribution of income
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