Market demand is given as QD = 140 5 P. Market supply is given asQ S = 2P. Which legally imposed price would constitute a binding price floor? Any floor above the equilibrium price will be binding/effective. equate demand with…
1.How is the labor force defined and who measures it? How is the unemployment rate calculated? Does an increase in the unemployment rate necessarily mean a decline in the size of the labor force? Why is a positive unemployment rateone…
1. Assume that each firm in a perfectly competitive market faces the following long-run total cost function (LTC) and inverse demand function. LTC = 2q - 2q2 + q3; Inverse Demand: p = 1001 - Q, where p is price,…
1. When we move upward and to the left along a linear, downward-sloping demand curve, price elasticity of demand a.first becomes smaller, then larger. b.always becomes larger c.always becomes smaller d.first becomes larger, then smaller ANS: BI cant understand why…
Suppose the total benefit derived from a given decision, Q, is B(Q) = 25Q - Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q.What level of Q…
suppose that a state's only provider of cable service faces government-imposed limits on the price that it can charge consumer. what is the example of public policy toward monopoly.3:45 pmthe choices are- doing nothing at all, turning private monopoly into…
1.The functions of money are to serve as a:A.Resource allocator, method for accounting, and means of income distributionB.Unit of account, store of value, and medium of exchangeC.Determinant of consumption, investment, and government spendingD.Factor of production, exchange, and aggregate supply 2.Money…
. Even in firms in a monopolistically competitive market collude successfully and fix price, economic profit will still be competed away if there is unrestricted entry. Explain. Will price be higher or lower under such an agreement in long-run equilibrium…