Question 1. 1. A firm in a monopolistically competitive industry faces a downward-sloping
demand curve because (Points : 1)
the product is homogeneous.
the product is differentiated.
nonprice competition is missing.
barriers to entry are high.
Explain how the circular flow diagram relates to the current economic situation.
After reading the textbook it states that the circular flow model is a visual picture of the
relationships between the resource market, in which income is earned, and the pro
According to our textbook Externalities are costs or benefits associated with consumption
or production that are not incurred by the consumer or producer, and therefore not
reflected in market prices (sect.6.2) Amacher & Pate 2013. This was very hard for
This was a hard one for me to answer since I did not understand what fixed cost and variable
cost meant. So I reading over our textbook to get a better understand of what fixed costs and
variable costs are. From our textbook Fixed costs are the costs of t
According to our text, law of demand states that the quantity demanded of a good or
service in a given time period is negatively related to its price, ceteris paribus. Recently, I
went to the mall on Friday with my son and find myself a nice pair of jean
I feel that cash transfers are typically preferred by recipients because not everyone is able to get a
credit card or bank account because they do not have good credit. Some people are afraid of
identity theft. There are some companies that will only deal
Analyze the major barriers for entry and exit into the airline industry. Explain how each barrier
can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly
that will allow the government to become involved to protec
Ashford 6: - Week 5 - Final Paper
You have been hired as a consultant by your local mayor to look at the various market structures.
Your role is to provide analysis and answers to these important questions that will help the mayor
After careful reading our textbook states The short run is the period of time that is too short to
vary all inputs; one or more of the inputs must remain fixed. In the short run, labor is generally
the only variable factor of production. and The long run
Analyze the determinants of the price elasticity of demand and determine if each of the following
products are elastic or inelastic: Bottled water, Toothpaste, Cookie dough ice cream, Fresh green
beans, and Gasoline
In your analysis, please make sure to e
Grade Details - All Questions
Question 1.Question :
Opportunity costs are
only dollar expenditures.
costs that never include dollar expenditures.
dollar expenditures plus time costs and other forgone activities.
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The reason why cash transfers typically are preferred by recipients over in-kind tran
After carefully reading the article, The Ethics of Big Data, I would have to say it was
hard to understand because I dont understand the Microeconomics principles. I know
that companies gather information through websites. When we do things on the compute