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What happens in the long run to the following: the price of trucking services, the industry quantity of output, and the profits of trucking firms?
Draw a graph of the market demand and market supply for candy bars before and after the takeover.
Draw a graph that shows how advertising affects a firm's ATC curve. Explain how advertising can lead to lower prices in a monopolistically competitive industry.
Explain why a new forklift sold for use in a warehouse is a final good even though it is fixed investment (capital) used to produce other goods.
Assume the labor market for loggers is perfectly competitive. How would each of the following events influence the wage rate loggers are paid?
List four goods or services that you have purchased that were produced by an oligopolist.
Assuming identical long-run cost curves, draw two graphs, and indicate the price and output. Evaluate the differences between these two market structures.
Why does the pricing behavior of these computer industry firms follow the cartel model or the price leadership model? Why?
Using the basic circular flow model, explain why the value of businesses' output of goods and services equals the income of households.
There is a shortage of college basketball and football tickets for some games, and a surplus occurs. Why do shortages and surpluses exist for different games?
Predict the direction of change for either supply or demand in the following situations. Several new companies enter the cell phone industry.
What happens and why to the demand for cars, home insulation, coal and tires? Give a possible reason for change in each graph.
Why does knowingly paying higher prices for certain items just to be a snob violate the law of demand?
Draw a production possibilities curve for a hypothetical economy producing capital goods and consumer goods.
Plot these production possibilities data in a graph. Does this production possibilities curve reflect the law of increasing opportunity costs? Explain.
Describe the relevant relationship between the price of a hamburger. Which model do you prefer and why?
Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support requiring air bags?
What will cause the nation's inflation rates to fall? How does a quota on textile imports affect the textile industry?
Why isn't money considered capital in economics? Why both nations with high living standards and nations with low living standards face the problem of scarcity.
What were Keynes's reasons for his assertion on volatility? Do you think such volatility exists in the modern economy? Has it increased or decreased over time?
Briefly describe your intended plan of study or the particular subdivision of the major field in which you wish to specialize.
At what average monthly fee would demand equal zero? At what average monthly fee would supply equal zero?
Explain the importance of the ceteris paribus assumption for an economic model. Why it is important for an economic model to be an abstraction from real world.
Explain why scarcity forces individuals and society to incur opportunity costs. Give specific examples
If the CPI rose to 120 by 2004, how much were her real wages that year, and by what percentage had they changed?