Exam 8: Market Structure and Long Run Equilibrium

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​Two cities face identical prices for their housing.City A decided to be a pollution free city "Clean town" and all the factories would locate in city B "Smogville",we expect the prices of housing in city B "Smogville" to

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B

​A sudden rise in the market demand in a competitive industry leads to

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A

​Nike faces a more__________ demand for its products than a shoe polish producer.

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MBA Degree Programs Every year various business magazines rank the quality of the different MBA programs.Why don't all prospective students flock to the highest ranked program?

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Which of the following markets are closest to perfectly competitive​

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A monopoly has​

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​Which of the following is least like a monopoly

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​According to the indifference principle,housing prices

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​Competitive firms can earn positive profits in the

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An investor has to choose between stocks A&B,each selling for $10.Stock A,can either increase in price to $12,with a 50% probability or stay at $10 with a 50% probability.Stock B can either increase in price to $15 with a 50% probability or go down to $7 with a 50% probability.Which of the stocks would the investor choose​

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​Lipitor,a heart medication with few substitutes,should have an own-price elasticity of demand that is:

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In a competitive industry​

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A sudden decrease in the market demand in a competitive industry leads to ​

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​In the long-run,a monopoly is most likely to achieve

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Brand Name Drug Industry Dynamics Market approval in the US for new pharmaceutical products is a long,arduous,and expensive process.Once approved,patent protection keeps close substitute products from entering for some years.If the demand for a particular product is stable,what would you predict for the profitability after approval and prior to patent expiration?

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​In the short-run,a monopoly is most likely to achieve

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​A sudden rise in the market demand in a competitive industry leads to

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​Two cities face identical prices for their housing.City A decided to be a pollution free city "Clean town" and all the factories would locate in city B "Smogville",in equilibrium,we expect to see

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​A monopoly has

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​A compensating wage differential is

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