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Proponents of free markets argue that if all markets were
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- A few years ago, a prominent pharmaceutical company was accused by the Justice Department of meeting with its competitors and entering into an explicit agreement with these competitors to fix the price of a commonly prescribed drug. (a) What is the difference between horizontal price fixing and vertical price fixing? Was this pharmaceutical company accused of horizontal price fixing or of vertical price fixing? Explain your reasoning. (b) Would the business practice that the pharmaceutical company was accused of be considered per se illegal or would the legality of this practice be judged by the rule-of-reason criterion? If the case had gone to trial, would “plus factors” have been considered to determine the trial’s outcome? Explain your reasoning. (c) Use the course material on the free-market economic system to explain why there are governmental laws against horizontal and vertical price fixing.Choose the correct answer; Amazon, the retail giant headquartered in the U.S, has faced severe criticisms from various parts of the society including the politicians in the U.S for its cut throat capitalist policies to aggregate the wealth of the company. The executives of the company are always focused on the investor’s benefits and their preferences. Which of the following classification of CSR is evident from the above statements? a.Responsibility towards the customers b.Responsibility towards the shareholders c.Responsibility towards the Employees d.Responsibility towards the environmentThe price elasticity of demand is inelastic for Mobile Phones and elastic for Play-stations. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was). a. What happens to the equilibrium price and quantity in each market? Use a supply-and-demand graph for both Mobile Phones and Play-stations and analyze which product experiences a larger change in priceand which product experiences a larger change in quantity. b. What happens to total revenue for each product? Briefly explain. Please answer step by step follow question.Answer must be correct. Don,t copy from anywhere. Write proper answer. Use graph for answer also explain.
- There is a debate on conflicts of interest that exist between certain bond ratings agencies, such as Moody’s and Standard & Poor’s, and the corporation’s bonds that they rate. There is also a debate on conflicts of interest that exist between financial firms, such as Goldman Sachs and J.P. Morgan, and the corporation’s equity that rate. Discuss strategies that would reduce these conflicts of interest.A. Explain the concept or shifts and movements of the demand and supply curves. B. Would you agree the assertaon that the concept of market forces very to entrepreneunal behaviorThe consumption function for a closed economy with no government sector is given by theequation:C = £200 million + 0.8 Ywhere C is aggregate consumption and Y is national income.(i) Calculate the value of aggregate savings if the level of national income is £4000 million.(ii) Calculate the equilibrium level of national income if the level of planned investment is£600 million(iii) Calculate the level of aggregate consumption at the equilibrium level of nationalincome if the level of planned investment is £1000 million(iv) Calculate the change in national income if planned investment rose from £600 millionto £800 million
- Give briefly your opinion on the following: #175. Is money bad in itself?No. Money is a good human invention, but it can be abused. Money is a means of exchange, a measure of value, a reserve for the future, and a means with which to support what is good. Money must never become an end in itself. Jesus says explicitly: ‘You cannot serve both God and mammon’ (Mt.6:24). Money can become an idol and addictive. Someone who avaricously pursues money becomes the slave of his greed.1, Goods on hand are not subject to taxation. True False 2, The construction industry includes everything from highly-skilled professions such as architects, engineers, and real estate attorneys, to unskilled labor. True False 3, States and municipalities receive much of their revenue through what kind of taxes? developmental international sales intrinsic 4. Which retailer was one of several businesses that capitalized on the expansion of railroads after the Civil War ended in 1865 by developing mail-order catalogues and was once known as the “everything store” prior to Amazon? Sears Target Walmart Harrod’s 5. Amazon is a great example of how a business can expand and grow with the use of what? technology merchandise healthcare red tape 6. What is an example of a product where the demand…Many people struggle with the idea that economics has any place in a discussion of relevant environmental issues. The unfortunate reality, however, is that policy making surrounding these issues is often influenced by budgetary factors. Environmental/ecological/sustainability economics can help in making sure our natural resources are appropriately valued in these budget analyses. For each of the following methods used to value natural resources, offer a brief explanation of how they work. Cost of illness method Replacement cost method Defensive expenditures approach Contingent valuation
- E1 What are the five foundations of economics? What are some other terms that we have discussed that are important for the study of the economics of climate change? Pick at least three (more if you would like) of those terms and describe why they are essential for the study of the economics of climate change.TRUE OR FALSE 1. IF A CUSTOMER EXPECTS A GOODS PRICE TO BE HIGHER IN THE FUTURE THERE WILL BE A HIGHER DEMAND FOR THE GOOD NOW 2.A SURPLUD OCCURS IF FLOOR PRICE IS BELOW EQUILIBRIUM PRICE. 3. TWO GOODS ARE SUBSTITUTES IF AN INCREASE IN THE PRICE OF THE FIRST GOOD CAUSES AN INCREASE IN SUPPLY OF THE SECOND GOOD 4.A DECREASE IN INCOMEWOULD CAUSE A BUYER TO CONSUMER MORE INFERIOR GOODS 5. AN INCREASE IN THE LEVEL OF AVAILABLE TECHNOLOGY CAUSES A PRODUCTS SUPPLY TO DECREASE 6.A CHANGE IN THE CONSUMERS INCOME WOULD CAUSE A MOVEMENT IN THE DEMAND CURVE 7. IN REAL LIFE SITUATIONS SHIFTS IN DEMAND CURVE ARE PARALLEL TO EACH OTHER 8. THE PRICE FLOOR AND PRICE CEILING ARE BOTH IMPOSED BY THE GOVERNMENT 9. AN ANTICIPATED DECREASES IN THE PRICE OF A GOOD WILL CAUSE SUPPLIERS TO DECREASE CURRENT SUPPLY OF THE GOOD 10. THE LAW OF DEMAND STATES THAT THERE IS A NEGATIVE RELATIONSHIP BETWEEN DEMAND AND SUPPLY4 Conduct an analysis of market structures: Are perfectly competitive markets and their outcomes more preferred than monopolies? Compare the market structures and perfect competition and monopolies, and analyse the advantages and disadvantages of these market structures from the perspective of consumers, producers and a welfare maximising government.