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If we assume that all firms in a perfectly competitive constant cost industry are identical, we conclude that, in the long run, product price will exactly equal the firms' minimum average total cost. Explain why this is true using supply and demand curves. For example, say that demand for a product falls due to changing consumer tastes, while the cost curves of the firms are unchanged. Describe what happens using supply and demand curves. In the long run, does the market price change due to the shift in the demand curve? Why or why not?
Explain why does the aggregate supply curve become very steep after potential output is reached. What does it mean for inflation when the demand curve shifts and crosses into this steep portion of the supply curve.
Illustrate what is your opinion, observation, or recommendation on this company. what are their shortfalls, how do they relate to other in the industry.
What accounts for whether case a or case b occurs? d. Suppose that a scalper had secretly learned before the announcement that Aaron Han would not play in the next game. What actions do you think he would take?
Describe how the equilibrium in a labor market with a monoposony employer changes if a minimum wage is set at the competitive level.
a. Explain how asymmetric information about a hidden action or a hidden characteristic can lead to moral hazard or adverse selection. b. Discuss a few tactics that managers can use to overcome these problems.
Assume that you have drawn a total product curve for labor given a specific technology. Now let some sort of technological change increase the productivity of labor.
Elucidate the importance of competition among firms. Explain whether the competitive environment in this industry benefits society or not.
Illustrate what were some of the major contributing factors and how did they combine to cause the recession. How were you affected by it.
Two executives were arrested by authorities for embezzling money for their firm. Short of confusion the only had enough evidence to put them away for 10 Years.
The setup activity price driver rate, using the best cost driver for this situation.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
Describe regarding the best solution for preventing someone from making illegal copies of music files.
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