Economics 247 Assignment 2 Version A This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 6 through 10. Answer each question clearly and concisely. 1. In perfect competition‚ one result of the model was that there were no economic profits in the long run. In a monopoly‚ the firm typically earns a positive economic profit. Why is there this difference? The lack of barriers to entry
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HOW DID THE FORMATION OF MONOPOLIES AFFECT THE US and ARE MONOPOLIES GOOD OR BAD? Definition: A monopoly is a business that’s the only provider of a good or service. That gives it a tremendous competitive advantage over any other company that tries to provide a similar product. Some companies become monopolies through vertical integration. They control the entire supply chain‚ from production to retail. Others use horizontal integration. They buy up competitors until they are the only ones left
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States went through one of the most influential changes which impacted economic growth. This change was known as the second economic revolution. This economic growth came with the benefits of abundant resources‚ an increase in labor‚ a growing market‚ and available capital investment. However‚ with all of this growth‚ there were also some setbacks. A huge setback was the over growing power of monopolies (Foner‚ 34 ). “A monopoly is a market structure characterized by a single seller‚ selling a unique
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Perfect competition A perfectly competitive market is a hypothetical market where competition is at its greatest possible level. Neo-classical economists argued that perfect competition would produce the best possible outcomes for consumers‚ and society. Ex:- Wheat‚ rice Key characteristics Perfectly competitive markets exhibit the following characteristics: 1. There is perfect knowledge‚ with no information failure or time lags. Knowledge is freely available to all participants‚ which means
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[Evaluate the arguments for and against free trade and protection] Free Trade is the ability of nations to trade products openly & safety for increased efficiency‚ to utilize specialization and for absolute & comparative advantages. Protection involves governmental influences hindering the competition from foreign trade on local firms. Free trade and protection have complete opposite effects on the economy‚ and many aspects influence the industries in favoring the opposed actions for the benefits
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Are you you? I grew up a little bit everywhere‚ traveled with my mother when I was young‚ saw a lot of places and thankfully I was able to travel and see even more because of my family. Diversity gave me the opportunity to have different perspective of reality. As growth flourishes‚ a “few” questions always come up. And as a result of answering these questions I’ve learned and figured that changing the world is a product of changing your self‚ and who would not want to be himself‚ right? What keeps
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Economic changes in America had the greatest impact on American lives because the society was dependant on economic status of American citizens. During times of economic prosperity society flourished and civil rights were fought for avidly‚ during times of economic depression‚ society remained unchanging for the most part. From the 1930’s to the 2000’s America made many societal changes‚ many of which were instrumental in the development of American unity and culture. Most of the societal changes
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DURABILITY AND MONOPOLY R. H. COASE Universityof ChicagoLaw School that A SSUME a supplier owns the total stock of a completely durable good. At what price will he sell it? To take a concrete example‚ assume that one person owns all the land in the United States and‚ to simplify the analysis‚ that all land is of uniform quality. Assume also that the landowner is not able to work the land himself‚ that ownership of land yields no utility and that there are no costs involved in disposing
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FINAL EXAMINATION PROGRAMME: MASTER OF BUSINESS ADMINISTRATION (MBA): GENERAL AND TOURISM- YEAR ONE MODULE: ECONOMICS DATE: 21 NOVEMBER 2011 DURATION: 3 Hours EXAMINER: Mr I Govender INTAKE: JANUARY 2011 TIME: 09h00 – 12h00 TOTAL MARKS: 100 MODERATOR: Dr D Mukuvisi INSTRUCTIONS TO THE CANDIDATE: 1. Questions must be attempted in the answer book provided. 2. All queries should be directed to the invigilator; do not communicate or attempt to communicate with any other candidate. 3. You have THREE
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Economic Economics is the science that studies how people and societies make decisions that allow them to get the most out of their limited resources. Because every country‚ every business‚ and every person deals with constraints and limitations‚ economics is literally everywhere. This Cheat Sheet gives you some of the basic essential information about economics. the Big Definitions in Economics When studying any subject‚ a key first step is to learn the lingo. Here are definitions for three of
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