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(SOLVED) Your best income earning opportunity appears

to be an offer to
Your best income earning opportunity appears to be an offer to Your best income-earning
opportunity appears to be an offer to work for a local developer during the month of June and
earn $2,000. However, before taking the job, you accept a surprise offer from a competitor. If
you actually […]

The long run supply curve for a given competitive firm The long-run supply curve for a given
competitive firm can be written as QF = -250 + 8P or P = $31.25 + $0.125QF. Explain why the
amount supplied by 50 such competitors is determined by multiplying the first expression […]

Suppose that a competitive firm long run supply curve is given Suppose that a competitive firm
long-run supply curve is given by the expression QF = -500 + 10P. Does this mean that the firm
will supply -500 units of output at a zero price? If so, what does output […]

Airline passenger service is a terrible high fixed cost business featuring “Airline passenger
service is a terrible high-fixed cost business featuring fierce price competition. With uniform
safety, customers pick the lowest airfare with the most convenient departures. Except for pilots,
nobody in the airline business makes any money.” Use the […]

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If excess profits are rampant in the oil business “If excess profits are rampant in the oil
business, why aren’t the stockholders of industry giants like Exxon Mobil, Chevron Texaco, and
Royal Dutch Petroleum making huge stock-market profits?” Discuss this statement. If excess
profits are rampant in the oil business

For smaller firms managed by their owners in competitive markets “For smaller firms managed
by their owners in competitive markets, profit considerations are apt to dominate almost all
decisions. However, managers of giant corporations have little contact with stockholders, and
often deviate from profit-maximizing behavior. Get real. Look at Tyco, […]

A higher minimum wage means some low wage workers “A higher minimum wage means some
low wage workers will get fired because there will be less money available for labor costs. An
international minimum wage, scaled according to the working conditions and cost of living in a
particular country, would […]

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