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indicate whether you agree with the following statements in italics, and explain your answer:
(a) Parallel shifts in the demand function can be used to identify the degree of market power being exercised in a market.
(B) Suppose that most of the city's consumption of a good is supplied by production within the city, and that most local production is sold to local consumers. We can conclude that this city is a geographic antitrust market for the good in question
(c) Contracts between a firm and its customers can be used to facilitate collusion
(d) Suppose that in a particular country, price fixing is not subject to criminal law; instead, if a cartel is caught, they are simply forced to dissolve the cartel and return to non-cooperative behavior. Such a policy cannot deter collusion because it does not involve a penalty (fines or imprisonment) for the cartel members.
Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets.
Manger wants to lower the costs of production, the manager should use an equal number of workers and machines
The CEO of Always Ready Round Tire has decided to open a battery division. He thinks that batteries would sell well with tires at their outlets and that Always Round's quality reputation will be transferred to the batteries.
Please help describe profit maximizing decision of pure monopolist firm and compare it to the profit maximizing decision of the firm in a purely competitive market and a monopolist firm in the competitive market.
Suppose that a 20 percent increase in the price of normal good Y causes a 10 percent decline in the quantity demanded of normal good X. The coefficient of cross elasticity of demand is:a.negative and therefore these goods are substitutes
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?
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
Economic historians have argued that the financial system that emerged in the late 1700s and early 1800s was instrumental in promoting modern economic growth a few decades later. Discuss the important features of the new financial system that fos..
Suppose you own an insurance company. Further suppose that this market is composed of only 3 people. Further still, supposed that this insurance is full coverage and medical expenses are always $1000. It would be logical to also assume conditions ..
Write down the household's budget constraints for period 1 and 2 and identify the current account.
In the text, we considered a sequential move game in which an entrant was considering entering an industry in competition with an incumbent firm. Consider now that the entrant, if fought, has the possibility of withdrawing from the industry (at a..
For a short-run cost function, which of the following statements is NOT true The average fixed cost function decreases with output. The marginal cost function intersects the average fixed cost function where the average variable cost function is a..
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