Paper Trail: Working Papers and Recent Scholarship
... The authors use “tacit collusion” in the usual economic and legal sense of interdependent noncompetitive pricing. See, e.g., Brooke Group Ltd. v. Brown & Williamson Tobacco Corp., 509 U.S. 209, 227 (1993) (Tacit collusion is “the process, not in itself unlawful, by which firms in a concentrated mark ...
... The authors use “tacit collusion” in the usual economic and legal sense of interdependent noncompetitive pricing. See, e.g., Brooke Group Ltd. v. Brown & Williamson Tobacco Corp., 509 U.S. 209, 227 (1993) (Tacit collusion is “the process, not in itself unlawful, by which firms in a concentrated mark ...
chapter 10 identifying markets and market structures
... 18. A perfectly competitive firm’s demand curve is horizontal because a. the product it sells is a perfect substitute for the products of other firms b. its advertising is extremely effective c. demand for the firm’s product is extremely inelastic d. entry is easy e. the cross elasticity of demand a ...
... 18. A perfectly competitive firm’s demand curve is horizontal because a. the product it sells is a perfect substitute for the products of other firms b. its advertising is extremely effective c. demand for the firm’s product is extremely inelastic d. entry is easy e. the cross elasticity of demand a ...
Foundations of Economics, 3e (Bade/Parkin)
... 36) If a firm finds itself at the point where the value of the marginal product of labor is greater than its wage rate, then the firm A) stops hiring more workers but does not fire any because the firm is maximizing its profit. B) decreases the number of workers it has hired in order to increase its ...
... 36) If a firm finds itself at the point where the value of the marginal product of labor is greater than its wage rate, then the firm A) stops hiring more workers but does not fire any because the firm is maximizing its profit. B) decreases the number of workers it has hired in order to increase its ...
Sequentially complete markets remain incomplete Economics Letters
... Preferences satisfy continuity, but not differentiability. It should be obvious that a robust example satisfying all the standard assumptions is at hand. 3. To verify the ex ante time-consistency of observed equilibria, it is not sufficient to specify only the standard primitive concepts like initial ...
... Preferences satisfy continuity, but not differentiability. It should be obvious that a robust example satisfying all the standard assumptions is at hand. 3. To verify the ex ante time-consistency of observed equilibria, it is not sufficient to specify only the standard primitive concepts like initial ...
Monopolistic Competition
... point out the curves as you draw them. Use actual numbers for quantity and price. 2. Unlike the case of perfect competition, the demand curve for a firm’s differ‐ entiated product in monopolistic competition is downward sloping. Re‐ mind the students about the ceteris pa ...
... point out the curves as you draw them. Use actual numbers for quantity and price. 2. Unlike the case of perfect competition, the demand curve for a firm’s differ‐ entiated product in monopolistic competition is downward sloping. Re‐ mind the students about the ceteris pa ...
Perfect Competition
... Productive Efficiency- Producing at the lowest possible cost (minimum amount of resources are being used) Graphically it is where price equals the minimum ATC Allocative Efficiency- Producing at the amount most desired by society (allocating resources towards the products society wants) Graphically ...
... Productive Efficiency- Producing at the lowest possible cost (minimum amount of resources are being used) Graphically it is where price equals the minimum ATC Allocative Efficiency- Producing at the amount most desired by society (allocating resources towards the products society wants) Graphically ...
Managerial Economics
... • Lower prices are offered for larger quantities and buyers can self-select the price by choosing how much to buy • When the same consumer buys more than one unit of a good or service at a time, the marginal value placed on additional units declines as more units are consumed ...
... • Lower prices are offered for larger quantities and buyers can self-select the price by choosing how much to buy • When the same consumer buys more than one unit of a good or service at a time, the marginal value placed on additional units declines as more units are consumed ...
PDF
... could be applied for long-term policy analysis. Impact multiplers were derived from the reduced form solution of simultaneous equation model resulting from structural equations describing important aspects of the U.S. feed-livestock sector. Impacts on various livestock producer groups resulting from ...
... could be applied for long-term policy analysis. Impact multiplers were derived from the reduced form solution of simultaneous equation model resulting from structural equations describing important aspects of the U.S. feed-livestock sector. Impacts on various livestock producer groups resulting from ...
Supply and demand
In microeconomics, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.The four basic laws of supply and demand are: If demand increases (demand curve shifts to the right) and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price. If demand decreases (demand curve shifts to the left) and supply remains unchanged, a surplus occurs, leading to a lower equilibrium price. If demand remains unchanged and supply increases (supply curve shifts to the right), a surplus occurs, leading to a lower equilibrium price. If demand remains unchanged and supply decreases (supply curve shifts to the left), a shortage occurs, leading to a higher equilibrium price.↑