THIS IS HELPING MY FELLOW PHOENIX. 1. A purely- or perfectly-competitive firm would be characterized by which of the following? Hint : The different types of firms include pure competition‚ pure monopoly‚ monopolistic competition‚ and oligopoly. A. Large number of firms‚ price taker‚ free entry and exit‚ and standardized product B. Large number of firms‚ price maker‚ free entry and exit‚ and a differentiated product C. Small number of firms‚ price maker‚ limited entry and
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CHIRANJIV BHARATI SCHOOL‚ PALAM VIHAR SESSION 2013-14 WORKSHEET ON INTRODUCTION SUBJECT: ECONOMICS CLASS: XII Previous years (past 3 years) questions 1 Mark Questions Q1: Give meaning of micro economics. Q2: What is opportunity cost? Q3: Define an Economy. Q4 What is market economy? Q5: What is a planned economy? Q6: Give two examples of Micro economic studies. Q7: Define macro economics. Q8 How is production possibility curve affected by unemployment in the economy? Explain. Q9: explain
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Carnival Corporation & PLC: An Economic Analysis Bambi H. Walton Columbia College BUSI 510 Dr. Jeffrey Snider Executive Summary While over the years‚ Carnival has seen tremendous growth‚ in more recent years‚ profitability is decreasing and the fate of the cruise industry rests on the shoulders of Carnival and other cruise lines. In order to grasp this understanding fully‚ this report will look into Carnival’s background and what problems are plaguing not only this company‚ but also others
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GDP - Gross Domestic Product is an estimate of the amount of economic activity in an economy and is produced by the Office of National Statistics. Elasticity of demand (Ped) = % change in demand of good X / % change in price of good X • If the PED is greater than one‚ the good is price elastic. Demand is responsive to a change in price. If for example a 15% fall in price leads to a 30% increase in quantity demanded‚ the price elasticity = 2.0 • If the PED is less than one‚ the good is
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References: Coca Cola buys stake in Honest Teas. (2008‚ February 06). Oligopoly Watch. Retrieved from http://www.oligopolywatch.com/2008/02/06.html Coca Cola Finance KO‚ 2010 Pienciak‚ Mike. (2010). Coca Cola Plays Copycat. Retrieved April 4‚ 2010 from http://www.fool.com/investing/dividends-income/2010/03/03/Coca Cola-plays-copycat
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UNIT 3 Microeconomics MULTIPLE-CHOICE SAMPLE QUESTIONS Sample Multiple-Choice Questions Circletheletterofeachcorrectanswer. 1. True statements about the theory of the firm in the short run and long run include which of the following? I. All input costs are fixed in the short run. II. All input costs are variable in the long run. III. At least one input price is fixed in the short run. (A) I only (B) II only (C) III only (D) I and II only (E) II and III only 3. Whichofthefollowingstatementsabouta
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PERFECT COMPETITION Short Run Equilibrium of the Firm Under Perfect Competition: Definition and Explanation: By short run is meant a length of time which is not enough to change the level of fixed inputs or the number of firms in the industry but long enough to change the level of output by changing variable inputs. In short period‚ a distinction is made of two types of costs (i) fixed cost and (ii) variable cost. The fixed cost in the form of fixed factors i.e.‚ plant‚ machinery
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The Role of OPEC The Organization of the Petroleum Producing Countries (OPEC) is an intergovernmental organisation (Mouawad 2010). It was created on September 14 1960 in Baghdad‚ Iraq. It has twelve members. The main objective for this organisation is to unify and coordinate petroleum policies among the member countries. As Mills (2008) explains‚ OPEC has other various roles that it ranging from technology‚ price control‚ economic growth and empowerment‚ ensuring stability in oil revenue for its
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Norway‚ University of Oslo and user partners . ISBN : 978 - 82 - 7988 - 140 - 7 ISSN: 1892 - 9680 http://cree.uio.no UNILATERAL CLIMATE POLICY: CAN OPEC RESOLVE THE LEAKAGE PROBLEM? Christoph Böhringer ‚ Knut Einar Rosendahl and Jan Schneider CREE Working Paper 5/2013 UNILATERAL CLIMATE POLICY: CAN OPEC RESOLVE THE LEAKAGE PROBLEM? Christoph Böhringer a ‚ Knut Einar Rosendahl b and Jan Schneider c Abstract In the abscence of a global agreement to reduce greenhouse
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1. Introduction With the rapid development of new communications technology and network technology‚ some industries such as information industry show significant network externality characteristics. Network externality has been defined as "a change in the benefit‚ or surplus‚ that an agent derives from a good when the number of other agent consuming the same kind of good changes" (Liebowitz & Margolis‚ 1996). In other words‚ the product will be more valuable if more people use it. For example
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