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We’ve observed that there are few examples of perfectly competitive markets in the real world, yet we use the model of perfect competition as a comparison with other market structures. Can you think of any examples of monopoly in the real world? Describe something you...
The market structure of perfect competition has a lot of ideal qualities–hence the name perfect. For example, perfectly competitive firms are productively efficient, and perfectly competitive markets are allocatively efficient. It is, however, difficult to find many...
Select a country of your choice (other than Saudi Arabia) and discuss why the country imposes trade barriers. What is the effect on the economy of the country? (Analyze the effect on the trade balance, employment, and economic growth). What are the arguments...
Recently there has been discussion in the news about taxing junk food (soft drinks, for example) in an effort to reduce the incidence of obesity in the U.S. Do you think the demand for junk food is elastic or inelastic with respect to price? Based on your...
What is a job order cost system? Describe a situation in which you would use job order cost information. What type of information is useful in making your decision?
Define and discuss the difference between indirect and direct cost. Provide an example of each and communicate your own understanding.
