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Name five ways in which government intervenes in the free market. Contrast private versus public goods. Describe the free rider problem. Provide several examples. On what does the economic difference…
On a personal level, what kinds of questions can capital analysis help us answer? At a professional level, capital analysis can help business executives answer what kinds of questions? What…
Explain why the demand for labor and other factors of production is a derived demand. The derived nature of resource demand implies that the strength of the demand for a…
Name the three major factors of production. Discuss four reasons to study factor pricing. Which of the three major factors of production has the largest share and which has the…
Define oligopoly. Illustrate scale-economy barriers to entry. Explain the entry dilemma in oligopolistic industries. What kinds of industries are characterized by large capital requirements barriers to entry? Identify three sources…
What is a cartel? Are cartels legal in the United States? When does a monopoly exist? What is the pricing rule for a monopoly? Illustrate the dead weight loss of…
To what does industry structure refer? What are the major types of industry structures? What is the central concept driving the structure-conduct-performance paradigm? Identify several types of market conduct. How…
Illustrate the production function algebraically and explain its components. What does the production function specify? Define the short run. Define the long run. What is the difference between fixed versus…
Consumer choice boils down to what three things? What is the difference between a cardinal and ordinal measure of utility? What is the difference between total versus marginal utility? Explain…
Why does quantity demanded tend to fall as price rises? Suppose the average income of consumers rises. What happens to the demand curve? Suppose you are analyzing the market for…