Monopoly
What are the causes of a Monopoly
Industries that are described as "contestable": (w) will experience long-run economic profits equal to zero. (x) are difficult for firms to enter, but not to exit. (y) are difficult for firms to exit, but not to enter. (z) will charge prices greater t
Give a brief introduction of the term Risk Principle?
Explain the Market System Specialization?
Discussion of a pin factory by Adam Smith focused upon the increased productivity related along with: (w) free international trade as per absolute advantage. (x) specialization and the division of labor. (y) free international trade as per comparative advantage. (z) certainty abo
An increase within demand for "green-certified" products will ________ a firm's economic profit, and the raise within costs to have a product certified like "green" will ________ a firm's economic profit: w) increase; increase x) increase; decrease y)
Illustrate how Macroeconomics examines the economy as a whole?
True or false? “U.S. exports create a demand for foreign currencies; foreign imports of U.S. goods generate supplies of foreign currencies.” Explain.
surpluses drives price down,shortages drive up
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
Problem:
Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function
U(x1; x2) = x21
The price of KnickKnacks is $1 and the price of WigWags has increased with $2 to $3. Therefore: (w) absolute price of KnickKnacks has decreased and the relative price of WigWags has increased. (x) relative and absolute prices of KnickKnacks have
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