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1) Assume that the gold-mining industry is competitive. a) Illustrate a long-run equilibrium using diagrams for the gold market and for the a representative gold mine. b) Suppose that an i
Frank owns a soda fountain and sells milkshakes. he sells 50 milkshakes per day for $5 each. his daily cost is $290, of which $30 is fixed cost. What can you say about Franks short run decision rega
In what kind of an economy does the government make all the decisions? A. mixed B. laissez-faire C. centrally planned D. free enterprise
What is one advantage of a centrally planned economy? A. low unemployment due to guaranteed jobs B. high levels of consumer satisfaction C. quick adjustment to changing conditions&nbs
A firm that sells e-books – books in digital form downloadable from the Internet – sells all e-books relating to do-it-yourself topics (home plumbing, gardening, and so on) at the same pri
Suppose that a business has developed a very high-quality product and operates more efficiently in producing that product than any other potential competitor. As a consequence, at present it is the on
A firm with a kinked demand curve experiences an increase fixed costs. Explain how the firm's price, output and profit change.
How does an increase in an excise tax on cars affect the supply of cars? A. More cars will be made. B. Fewer cars will be made. C. Supply will stay the same. D. Supply will increas
Due to an increase in her rent, Isa needs to cut back her spending on other items. Which of the following types of goods will Isa consume less of? A. substitutes B. normal goods C. infe
The price of cranberry juice suddenly increases. As a result, Glenda begins drinking more grape juice, which is less expensive, but tastes just as good to her. In this case, Glenda’s elastic dem
An increaseing government expenditure in increasing GDP when it is financed by: a) rasing taxes b) slling government bonds to the general publicc) selling government bonds to the central ban
four companies produce virtually all breakfast cereal. how might this concentation of market power affect market outcomes? what should the government do, if anything?
As derived from the Markkula Center for Applied Ethics, which of the following should be one of eight guiding principles? A. Compliance with the law in every situation B. Doing good to those
1. The employees of Abs "R" Us, which includes 12 fitness parlors in and around the metro area, feel they can improve the performance of the company.This would be called a ______ buyout. A. Lev
A firm's marginal cost of production is constant at $5 per unit, and its fixed costs are $20. Draw its total, average variable and average costs. Marginal Cost (MC): $5 per unit Fixed Cost (
Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor
Explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to society total output. Why does the productivity standard typically fail to
If the government gave each recicient family a $7,000 check instead of enrolling them in the Medicaid program, Should most of the families would spend that money to purchase health insurance?
In 1989, the Detroit Free Press and Detroit Daily News the only daily newspapers in the city obtained permission to merge under a special exemption from the antitrust laws. The merged firm c
Over the last 30 years in the United States, the realprice of a college education after adjusting for inflation has increased by almost 70 percent. Over the same period, an increasing number
Advertising can inform buyers, but sellers must incur costs to advertise. If so, advertising can result in higher prices to consumers. Does this mean advertising is economically inefficient?
Given the increase in government expenditures and the marginal propensity to consume, how would yoou find the change in equilibrium GDP?
Find the uniform price if there is two customers: Type A who will only pay 10.00 dollars for a single unit of the good, and Type B who will only pay 8.00 dollars for a single unit of goods. There is 1
Give a numerical example to show that a monopolist's marginal revenue can be upward-sloping over part of its range. The price on the demand curve is the producer's average revenue.
Could you calulate the total, average variable, and average cost, when a company marginal cost of production is $5.00 per unit and fixed costs are $20.00