Có 60+ tài liệu thuộc chủ đề "nguyên lý kinh tế"
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a m a r k e t If your local gas station raised the price it charges for gasoline by 20 percent, it. By contrast, if your lo- cal water company raised the price of water by 20 percent, it would see only a small decrease in the amount of water it sold. As you might expect, this difference in...
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That is, a firm chooses to exit if the price of the good is less than the average total cost of production.. The firm will enter the market if such an action would be profitable, which occurs if the price of the good exceeds the average total cost of production. The criterion for entry is exactly the opposite of the...
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Thus, for these two reasons, the long-run supply curve in a market may be up- ward sloping rather than horizontal, indicating that a higher price is necessary to induce a larger quantity supplied. Because firms can enter and exit more easily in the long run than in the short run, the long-run supply curve is typically more elastic than the...
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If the mo- nopolist raises the price of its good, consumers buy less of it. Looked at another way, if the monopolist reduces the quantity of output it sells, the price of its output increases.. 2 gallons, it must lower the price to $9 in order to sell both gallons. And if it produces 3 gallons, it must lower the...
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The lawyers and economists in the Department of Justice might well decide that a merger between these two large soft drink companies would make the U.S. soft drink market substantially less competitive and, as a result, would reduce the economic well-being of the country as a whole. The government derives this power over private industry from the antitrust laws, a...
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Thus, it would not be surprising if legislative action leads soon to a deterioration of the cable com- panies’ monopoly power. Moreover, the universities have more or less successfully applied a high moral tone to the process: Rich appli- cants—especially smart rich applicants—. In any event, the universities’ envi- able cartel position has been damaged by the unenlightened Justice Depart-...
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(Do the approximately dozen companies that now sell cars in the United States make this market an oligopoly or more competitive? The answer is open to debate.) Similarly, there is no sure way to determine when products are differenti- ated and when they are identical. In the next chapter we analyze monopolistic competition. Each Saturday, Jack and Jill decide how...
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Just as self-interest drives the prisoners in the prisoners’ dilemma to confess, self-interest makes it difficult for the oligopoly to maintain the cooperative outcome with low production, high prices, and monop- oly profits.. We have seen how the prisoners’ dilemma can be used to understand the problem facing oligopolies. Here we consider three examples in which self-interest prevents cooperation and...
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At stake was the future of one of the world’s most valuable companies (Microsoft) in one of the econ- omy’s fastest growing industries (computer software).. A central issue in the Microsoft case involved tying—in particular, whether Microsoft should be allowed to integrate its Internet browser into its Windows operating system. The government claimed that Microsoft was bundling these two products...
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As in a monopoly market, price exceeds marginal cost. This conclusion arises because profit maximization requires marginal revenue to equal marginal cost and because the downward sloping demand curve makes marginal revenue less than the price.. As in a competitive market, price equals average total cost. Because a monopoly is the sole seller of a product without close substi- tutes,...
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The theory of monopolistic competition seems to describe many markets in the economy. From the standpoint of the economic theorist, the allocation of resources in monopolistically competitive mar- kets is not perfect. That is, it operates on the downward-sloping portion of the average-total-cost curve. In addition, the number of firms (and thus the variety of products) can be too large...
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W H AT C A U S E S T H E L A B O R D E M A N D C U R V E T O S H I F T ? We now understand the labor demand curve: It is nothing more than a reflection of the value of marginal product of labor. With this...
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C A S E S T U D Y THE ECONOMICS OF THE BLACK DEATH. In fourteenth-century Europe, the bubonic plague wiped out about one-third of the population within a few years. Consider the effects of the Black Death on those who were lucky enough to survive. What do you think happened to the wages earned by work- ers and...
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By comparing the difference in the educational attainment and the difference in subsequent wages of the various groups, we could see whether education does in fact increase productivity. Although conducting such an experiment might seem difficult, the laws of the United States inadvertently provide a natural experiment that is quite simi- lar. All students in the United States are required...
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The theory of the labor market we have developed in the last two chapters ex- plains why some workers earn higher wages than other workers. The theory does not say that the resulting distribution of income is equal, fair, or desirable in any way. W ASHINGTON —Nobody says men and women shouldn’t get equal pay for doing the same job....
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Because the poverty line is an absolute rather than a relative standard, more families are pushed above the poverty line as economic growth pushes the entire income distribution upward. Despite continued (although somewhat slower) growth in average in- come, the poverty rate has not declined. Although economic growth has raised the income of the typical family, the in- crease in...
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Whenever the government chooses a system to collect taxes, it affects the distribu- tion of income. This is clearly true in the case of a progressive income tax, whereby high-income families pay a larger percentage of their income in taxes than do low- income families. As we discussed in Chapter 12, equity across income groups is an important criterion in...
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At point A, the consumer buys no Pepsi and consumes 100 pizzas. At point B, the consumer buys no pizza and consumes 500 pints of Pepsi. At point C, the consumer buys 50 pizzas and 250 pints of Pepsi. Point C, which is exactly at the middle of the line from A to B, is the point at which the...
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The impact of a change in the price of a good on consumption can be decomposed into two effects: an income effect and a substitution effect. He might reason in the following ways:. “Now that the price of Pepsi has fallen, I get more pints of Pepsi for every pizza that I give up. The decrease in the price of...
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Thus, the theory of consumer choice says that an increase in the interest rate could either encourage or discourage saving.. Consumption when Young 1. the budget constraint outward. A higher interest rate rotates the budget constraint outward. Consumption when Young. F i g u r e 2 1 - 1 6 A N I NCREASE IN THE I NTEREST R...