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Read More Courses Online here ……….. <strong>ECO</strong> <strong>561</strong> Week 1 DQ 1 | <strong>ECO</strong><br />
<strong>561</strong> Week 1 DQ 2 | <strong>ECO</strong> <strong>561</strong> Week 1 DQ 3 | <strong>ECO</strong> <strong>561</strong> Week 1 DQ 4 |<br />
<strong>ECO</strong> <strong>561</strong> Week 1 Quiz or Knowledge Check<br />
<strong>ECO</strong> <strong>561</strong> Week 2 Complete<br />
<strong>ECO</strong> <strong>561</strong> Week 2<br />
DQ1.Distinguish between explicit and implicit costs, and between normal and<br />
economic profits.<br />
DQ2.Briefly (in a few words) state the basic characteristics of pure<br />
competition, pure monopoly, monopolistic competition, and oligopoly. Under<br />
which of these market classifications does each of the following most<br />
accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c)<br />
a Kansas wheat farm; (d) the commercial bank in which you or your family has<br />
an account; (e) the automobile industry. In each case justify your classification.<br />
DQ3.Why do you think the resource demand curve slopes downward? What<br />
are some determinants of resource demand?<br />
Individual Assignment - Week Two Knowledge Check<br />
Complete the Week Two Knowledge Check<br />
Individual Assignment - Market Equilibration Process Paper<br />
Equilibration is the process of moving between two equilibrium points as a<br />
result of some change in supply or demand. Understanding how market<br />
equilibrium is sought following such a change is essential for business<br />
managers. It is important to understand how economic principles, and
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