TrishaM
1.
2. This is the result of free trade. Free traders support foreign workers who work for the United States, while protectionists are opposed to it. Thus, the free traders caused the problem not the protectionists.
3. One of the primary responsibilities of the Federal Reserve is to prevent the system of banks around the country from collapsing.
4. The good must be price inelastic.
5. A monopolistic competitive firm has the characteristic "P > MC" that is lacking in a perfectly competitive firm. The reason for this is that a monopolistic competitive firm does not have to continuously lower its prices to beat its competitor. This means that the monopolistic competitive firm can raise its prices to a certain extent and still have many customers, thus, its Price will exceed its Marginal Cost. In a perfectly competitive firm, however, this does not happen.
6.In the short run, if you didn't have any option but to buy the tickets the day before your flight, it will probably be more expensive than if you had planned the trip ahead of time and had the option to watch for a cheaper ticket price.
7.
Categories: [Economics Homework Thirteen Answers]