profits. b. can set the price it charges for its output and earn unlimited profits. c. takes the market price as given and earns small but positive profits. d. can set the price it charges for its output but faces a horizontal demand curve so it can earn unlimited profits. .2 points Question 3 Because a monopolist does not face competition from other firms‚ the outcome in a market with a monopoly Answer a. is often not in the best interest of society. b. is characterized
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Perfect Competition of Wheat Crops and Variable Cost Basic theme Farmers gamble on deciding what crop to grow from year to year because variable costs can make it difficult for a farmer to break even and make profit. Critical Review Farmers who decided to grow wheat crops in winter are predicted to see profit this spring based on the estimated costs. Farmers have to almost blindly decide on which crop might be most profitable for them to grow because their total variable costs are always changing
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0 out of 1 points Private markets will always provide too few public goods because Selected Answer: Incorrect [None Given] Answers: of the negative externalities associated with these goods. it is unlawful for private firms to provide public goods. private markets will never provide goods that they know the government could provide. the private marginal cost is less than the social marginal cost. Correct private markets will never provide goods at a price of zero‚ which is the efficient
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The first industrial factories were the sugar mills of the Americas. The sugar mills contained sophisticated and organizational systems that can be compared to modern industries and characteristics. Sugar plantations in the seventeenth century involved slaves and freemen engaging in brute labor. The plantation would include a mill‚ boiling house‚ curing house‚ distillery for rum‚ and a storehouse. The structure alone presented refined technology of the time and included a large work force. Yet not
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There are different kinds of market structures in this economy. Perfect competition‚ as one of them‚ is often described as the ideal market structure‚ and only treated as a theoretical ideal. If we compare the perfect competition market with other types of market structure‚ such as monopoly‚ monopolistic competition‚ and oligopoly‚ it will be obvious that the perfect competition is ideal mainly due to the presence of productive and allocative efficiency. In perfect competition‚ there are a large
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million of the industry’s $210 million total.” As stated by Montero. Saga is a huge business which supports many families that need child labor. As many as “20‚000 families would get affected” with the deal Nike ended and “%70 percent of the local market relies on them [child labor] for work.” according to Saga’s estimate. I understand that many consumers may want to boycott these companies’ products using child labor; however‚ a boycott might hurt many of these poor families‚ therefore leading to
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Ideal concepts‚ when implemented into the real world‚ very often fail to survive. The perfectly competitive market structure is not an exception. The model is based on such strict assumptions that its adaptation into everyday life situations‚ in most cases‚ is simply impossible; however it is often described as the ideal. In the long-run‚ when all the factors of production can vary‚ given that the maximalisation of earnings is a natural goal behind every firm’s activities‚ only under the perfectly
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10. The contention that ethical standards should be governed both by (1) a limited number of universal ethical principles that are widely recognized as putting legitimate ethical boundaries on actions and behavior in all situations and (2) the circumstances of local cultures‚ traditions‚ and shared values that further prescribe what constitutes ethically permissible behavior and what does not are the basic principles of Select one: a. the School of Morally Correct Thinking and Behavior based in
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The Labour Party is a centre-left political party in the United Kingdom‚ and one of the two main British political parties along with the Conservative Party. Old labour were a socialist party‚ Old Labour‚ the traditional socialist representation of the labour party‚ presented many socialist views‚ these included the cradle-to-grave care‚ welfare and social justice. They also opposed views such as a free-market economy. Old Labour was the standing of the Labour Party since their founding in the
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Eugene Maddy English/mod 4 PERFECT WORLD ESSAY What if the world we lived in was perfect? As long as I live I doubt the world we live would get perfect. Things that would make up is if everyone was wealthy‚ they had perfect knowledge‚ and if they have the same style. If everyone was wealthy the following would happen. Good things about being everyone being wealthy would be know one would be homeless and could live comfortably and not have to worry about bills or gas money. Everyone
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