. Briefly explain why firms operating with significant excess capacity are more likely to instigate price wars. (2 points) (Chapter Dynamics:Competing Across Time)
. Briefly explain why firms operating with significant excess capacity are more likely to instigate price...
Why would unions be more likely to obtain higher wages from monopolist firms (the firms are monopoly in the product market) than firms in a perfectly competitive product market?
Is a cartel more likely to sustain in the presence of non-colluding firms? Why?
Chapter 13 Vocabulary a. Non-price competition b. Cartel c. Prisoner’s dilemma d. Excess capacity e. Collusion f. Differentiated product g. Herfindahl index h. Duopoly i. Monopolistic competition j. Oligopoly ( ) 7. Five or fewer firms produce most of the output in an industry, or control a large share of the market. ( ) 5. Most type of retail stores, like J. Crew, fall into this market category. ( ) 8. This is a two-firm oligopoly. ( ) 1. In...
Briefly explain why examples of pure socialism and pure capitalism tend to be more theoretical in nature and less likely to be found in reality.
3. Explain briefly why the free entry and exit of firms in the LR ensures the cost ar production efficiency with efficiency criterion of MR = MC = P = Minimum ATC.
Which will likely be more soluble in water, MgO or NaCl? Explain briefly the thermodynamic reason for your answer.
Briefly explain why a wound be should not be left open to facilitate drying of excess secretions? 8.3) it is not appropriate to do wound care without forceps even though wearing gloves
1. Briefly explain why the heat capacity of the calorimeter must be calculated in this experiment. The experiment includes the calibration of the calorimeter, the measurement of temperatures to determine enthalpy change. Chemicals include ammonium hydroxide, hydrochloric acid and ammonium chloride.
1. Briefly describe 2 government-imposed barriers to entry that help larger firms avoid some competition, and then explain the impact that these government actions have on consumer prices. 2. Why does Accounting Profit exclude all other implicit costs except the implicit cost of depreciation? 3. As it specifically impacts consumers and producers, when is a product’s price in equilibrium? 4. Why does less available time to make a purchase coupled with fewer readily available substitutes for any given product usually...
Explain your reasoning and write legibly Why are perfectly competitive firms price-takers? Choose one industry that is likely to be perfectly competitive and describe why. Which of the characteristics of perfect competition do you find to be least realistic and why?