Premium Essay

Tropic of Society

In: Historical Events

Submitted By romeo86
Words 15662
Pages 63
Chapter 11

Price-Searcher Markets with High Entry Barriers

Questions 1 through 10 are a suggested chapter quiz.

1. When economists talk about a barrier to entry, they are referring to a. a factor that makes it difficult for potential competitors to enter a market. b. the opportunity cost of equity capital that is incurred by a firm producing at minimum total cost. c. the downward-sloping portion of the long-run average total cost curve. d. the declining output experienced as additional units of a variable input are used with a given amount of a fixed input.

2. A monopolist will maximize profits by a. setting the price at the level that will maximize per-unit profit. b. producing the output where marginal revenue equals total cost and charging a price along the demand curve. c. selling at the price on the demand curve at the output rate where marginal revenue equals marginal cost. d. producing at the output rate where price equals marginal cost.

3. Which one of the following is the best description of a monopolist? a. a firm that produces a single product b. a firm that is the sole producer of a narrowly defined product class, such as yellow, grade-A butter produced in Jackson County, Wisconsin c. a firm that is the sole producer of a product for which there are no good substitutes in a market with high barriers to entry d. a firm that is large relative to its competitors

4. Assuming that firms maximize profits, how will the price and output policy of an unregulated monopolist compare with ideal market efficiency? a. The output of the monopolist will be too large and its price too high. b. The output of the monopolist will be too large and its price too low. c. The output of the monopolist will be too small and its...

Similar Documents

Free Essay

Anthropology Outlines

...I. Human Adaptability Anthropology is the exploration of human diversity in time and space. Anthropology studies the whole of the human condition: past, present, and future; biology, society, language, and culture. Of particular interest is the diversity that comes through human adaptability. A. Adaptation, Variation, and Change 1. Adaptation refers to the processes by which organisms cope with environmental forces and stresses. 2. Humans use both biological and cultural means of adaptation. For example, human bodies can adapt biologically in three ways to high altitude: genetic adaptation, long-term physiological adaptation, and short-term physiological adaptation. Culturally, humans have developed technologies, such as pressurized airplane cabins equipped with oxygen masks, to deal with extreme environments. 3. As human history has unfolded, the social and cultural means of adaptation have become increasingly important. Much more recently, the spread of industrial production has profoundly affected human life. II. General Anthropology B. The academic discipline of anthropology, also known as general anthropology or "four-field" anthropology, includes four main subdisciplines or subfields. They are sociocultural, archaeological, biological, and linguistic anthropology. This four-field approach is distinctly American. 4. There are historical reasons for the inclusion of four subfields in a single disciple, with......

Words: 1563 - Pages: 7

Premium Essay

The Importance Of Food

...topics to explore to help us understand human beings. One of the ideas that have been under study is food. Food can tell you a lot, not only about one person but a whole society as well. What we eat, the way we go about eating, how much we eat, why we eat, etc. all come together to help describe a person and/or society. The purpose of this assignment was to take part in participant observation by having a meal with at least one other person. The goal is to analyze and question everything even things that may seem average and customary when having a meal. My meal took place at McDonald's which is a fast food restaurant that has been around since 1955 and is known for its hamburgers and french fries. It...

Words: 1126 - Pages: 5

Free Essay

Designing in the Tropics

...DESIGNING AND BUILDING IN THE TROPICS* Bruno Stagno In that vast moment, I saw millions of actions, some pleasurable, some horrible; none of them amazed me as much as the fact that they all existed at the same point, not superimposed, and not transparent. What my eyes saw was simultaneous. Jorge Luis Borges, El Aleph TRADITION AND AVANT-GARDE Traditional architecture and the avant-garde tendency are usually thought of as two opposed extremes. Because we are accustomed to defining tradition as something fixed, immovable, and the avant-garde position as what is progressive, we relate traditional architecture to a specific, pre-existing style and avant-garde architecture to the use of new technologies. When tradition plays a part in contemporary architecture it is most frequently as an aesthetic consideration in which the most obvious element is the use of some style from the past. At the other end of the spectrum is the avant-garde tendency, where the latest technology is the means architects use to achieve novel forms of expression. Both of these perceptions are limited. Not only are they presented to us as two extremes of one thing, opposed to one another, but also as excluding one another. An architecture that follows a given style cannot be avant-garde because it makes use of compositional rules derived from the past; it is backward-looking and dependent on various forms of counterfeit to create the look of a bygone era. It is this tendency...

Words: 5561 - Pages: 23

Free Essay

Critical Review on the Works of Bruno Stagno

...Gerardo Mosquera GLOBALIZATION: SOME CULTURAL PREDICAMENTS The opening pages give an overview of the life and works of Gerardo Mosquera and some of the works he has done and written. The focus of this body of work is that of globalization, Mosquera seeks to define what globalization is, whom it affects and how it impacts on regions. The globalization that we imagine i.e. having interconnectivity with each other around the whole planet is different to that of the author. His beliefs are that globalization is a series of circuits passing information among each other. Essentially it is a series of centres and circuits connected. The information that these connections transfer is economics, culture and basic communication. Globalisation has an impacted on culture, by making culture known to the wider world seeks to legitimize it and make new epistemes. Instead of expanding our global space globalization seeks to make the global experience more intimate. Urbanization is the product of globalization when people move from the edges usually consisting of the countryside they are drawn to these centers (megalopolis). The influx of people lead to city growth and further development and a bi-product of this urbanization is that of physical and mental displacement. Globalization and borders are linked, within this movement the world is being brought closer together and both physical and mental......

Words: 2287 - Pages: 10

Free Essay

Title: Latitudinal Diversity Gradient Hypothesis, the State of Knowledge

...The Latitudinal Diversity Gradient Hypothesis: the state of knowledge Biogeography Spring 2013, Term Paper Title: Latitudinal Diversity Gradient Hypothesis, the state of knowledge By Schibon 1. Introduction Latitudinal gradients in species diversity are generally understood to be increases in the number of species from high (cold-temperate) to low (warm) latitudes (Rohde, 2011). As early as 1807, von Humboldt provided the first formulation for this hypothesis (based on climate) to explain latitudinal gradients of richness (Hawkins 2001) which has remained one of the key questions in Evolutionary Ecology. No single pattern of biodiversity has fascinated ecologists more than the increase of richness toward the Tropics (Pianka 1966; Rohde 1992; Rosenzweig 1995; Gaston and Blackburn 2000). Still, there is an astonishing lack of consensus about the mechanisms leading to this spatial variation in diversity (Hillebrand, 2004). As the search for a primary cause to this latitudinal gradient has been hampered by the increase number of hypotheses (Pianka 1966; Rohde 1992), their interdependence (Currie 1991; Gaston and Blackburn 2000), and the lack of rigorous falsification (Currie et al. 1999), it makes sense to assess the current state of knowledge on this issue. The current paper aims at updating on the current state of knowledge concerning the latitudinal diversity gradient particularly through reviewing the most dominant hypotheses and theories......

Words: 4662 - Pages: 19

Free Essay

Jungle World

...contains about 90% of all the world’s species of plants and animals live there, but only about half are known to science. The sounds were incredible. The animals made the jungle sound so cheerful and alive. The Jungle was incredible. It was truly amazing to see all of the different animals, and how they all lived in close quarters and kept it alive. When I heard the gibbons singing that was beautiful, I saw how nature alone can make beautiful melodies and duets and flood the jungle with peace and serenity. Display: Description of the Asian Rainforest The Asian Rainforest display was the display that stuck out to me the most. I love the tropics and all of the exotic animals. The sights, sounds and steam all make for an original and authentic experience. 90% of the world’s species of plants and animals come from the tropics and they are well represented here. Some animals that make their home here are Asian Gibbons, and hornbills. There is also a good insect display and a chance to sit and watch river turtles swim under the waterfall. There is also a display that shows just how many...

Words: 781 - Pages: 4

Premium Essay

Is Evolution Just Another Story Argumentative Essay

...Students Name Instructor Course Date Is evolution just another story? Evolution vs creationism Ever since the British naturalist Charles Darwin published his ground breaking theory The Origin of Species by Natural Selection in 1859, there has always been this argument of whether to believe in evolution or in creationism. On one hand, evolution narrates the story of emergence of life as to result from the unlikely reactions of several chemicals that existed about 3 billion years ago at a time when the earth was just a young planet. These chemicals would go on to form a self-replicating protein molecule (Dyson 13) that somehow and despite all the odds went on to form the genesis of all living things- plants, animals, the dead and the living. For billions of years a process of gradual selection called natural selection by Darwin, that only serves the best or the most fit to survive the terms of the environment has been and is constantly in work shaping the species of today and for the prolonged period that it has been in existence led to the emergence of different forms including as it were humans (Mitchell, Sherman and Tehon 27). Accordingly all livings are but relatives of each other and have descended from one single source. The alternative to evolution is creationism a theory which purports that all that we can see, touch and even what everything is was a product of design by a superpower and a super mind called God (Dyson 45). The world in the eyes of creationists......

Words: 1804 - Pages: 8

Premium Essay

Lunar Phase Simulator – Student Guide

...textbook to expand on the comment that “we are star stuff" 3. Relative to the age of the universe, how old is our solar system? How old is the Earth? 4. Why do astronomers infer that the universe is expanding? 5. When did humans learn that the Earth is not the center of the universe and what evidence supported this revelation of thought? 6. Which of the following correctly describes the meridian in your local sky? 7. What do the following terms mean: zenith, meridian, latitude, declination, longitude, ecliptic, zodiac, and constellation. 8. Explain how we describe a location on Earth's surface. 9. Describe why we have seasons on Earth using the following terms: solstice, equinox, aphelion, perihelion, Tropic of Cancer, Tropic of Capricorn. 10. Explain why we have phases of the moon, what the different phases of the moon look like to an Earth observer, and how much time is takes to go between each phases. 11. Which of the following have the greatest frequency of occurrence: lunar eclipse or solar eclipse? 12. True or False: An observer on Earth can see the entire surface of the moon over 365 day period. Support your answer with reasoning from the textbook and Mastering Astronomy. 13. Explain an eclipse of the moon and sun occur. 14. Why were the following individuals important to astronomy? Ptolemy, Brahe, Kepler, Newton, Copernicus, Eratosthenes. 15. Why do the ancient Greeks get a lot of attention for their......

Words: 735 - Pages: 3

Free Essay


...Biodiversity Lasnosha Snowden ENV 300 Environmental Science Nicole Minor June 15, 2015 All living organisms are present in ecosystems to coexist together to create biodiversity and without different species, these environment could fail horribly. Every living organism has a purpose in order to keep the balance of biodiversity. In order for there to be “biological diversity, these items are organized at many levels, ranging from complete ecosystems to the chemical structures that are the molecular basis of heredity” (1987). Not always in a friendly environmental manner, Human actions has played a big key role in the changing of the environment. A nonproductive planet would be result, if we did not have an abundance of species and ecosystems. All living organisms rely on one another to survive and thrive. Biodiversity is the total of species living together in an area, a community, or the entire planet. Genetic diversity, habitat diversity, and species diversity are three different concepts can be defined as Biodiversity. The same species in different populations found with patterns of variations and a bundle of different genes located in one species is known as genetic diversity. Within a specified area, the number of different habitats is habitat diversity. When checking for species diversity there are three qualities that you should look for species dominance, species evenness, and species richness. The most abundant species measured is species dominance. The......

Words: 1984 - Pages: 8

Premium Essay

The Advantages and Disadvantages of Two Contrasting Strategies for Managing Biodiversity

...Whilst managing biodiversity different strategies must be used to ensure the appropriate outcome is made. Usually a balance must be made between economic sustenance and environmental cost. This is because people use biological resources. NGO’s, IGO’s and Governments such as WWF and the Wet Tropics Management Authority and other organisations are made to ensure the protection of wildlife, rehabilitate areas which have been severely degraded due to human activity such as climate change and promote sustainable business and environmental education. Biosphere reserves is a management strategy similar to the 1960’s approach of total protection in which whole areas of biological significance are fenced off from the public. However Biosphere reserves take a wider approach to what must be sustained whilst protecting the ecology. Economic development focussed on local people is integrated within biodiversity conservation by using strategies such as ecotourism, tolerant forest management and extractive research. The Wet Tropics Management Authority, Douglas Shire Council and the Rainforest Cooperative Research Council are all organisations taking steps to protect and restore the Daintree Tropical Rainforest biodiversity in north eastern Australia. The Douglas Shire Council are gradually trying to reduce thehuman population in Daintree by rejecting plans to build a bridge across to mainland Australia and also increase costs of Ferries across to the island. This has not been successful at......

Words: 1047 - Pages: 5

Premium Essay

Geography for Growth Patterns

...Don’t blame geography for growth patterns There is a well-known economic growth debate whether geography affects growth patterns directly or merely through an indirect channel affecting the choice of economic policy and institutions. The view that geography is at the center of the story in shaping the rhythms of economic development dates back to Montesquieu and has been recently revived by Jared Diamond in his book “Guns, germs and steel: The fates of human societies.” This perspective was applied to explain long term patterns of economic growth by Jeffrey Sachs, who argues that growth is related to geographic variables like climate, disease ecology and distance from the coast (Sachs 2003). On the other hand, economists like Acemoglu, Johnson and Robinson, and Engerman and Sokoloff argue against simple geographic hypothesis and illustrate that geography can only affect patterns of growth through the choice of institutions that influence economic performance. Looking at the current situation, one can observe tremendous differences in living standards between developed and developing countries. There is a variety of explanations why economic performances have diverged so extremely. However, the two main candidates to explain the causes of the big divergence are geography and institutions. The geography hypothesis emphasizes nature forces and geography as the main factors determining economic performance. Acemoglu, Johnson and Robinson (2002), however refute this hypothesis...

Words: 1689 - Pages: 7

Premium Essay

Kings History

...Sample Question Paper SOCIAL SCIENCE Class-IX Summative Assessment-1 October 2011 Design of Question paper TIME : 3 Hrs 1. WEIGHTAGE TO FORM OF QUESTIONS Form of Questions 1. 2. 3. 4. M.C.Q. Short Answer (S.A.) Long Answer (L.A.) Map Question Total 2. Marks of Each Question 1 3 5 4 Number of Questions 10 12 8 1 31 Total Marks 10 36 40 04 90 MM : 90 UNIT-WISE DIVISION OF QUESTIONS Unit No. (Subject) Unitwise Marks 23 No. of No. of No. of Map 1 mark 3 marks 5 marks Question Questions Questions Questions 2 2 3 Total 1. India and the Contemporary World I (History) Contemporary India I (Geography) Democratic Politics I (Pol. Sc.) Economics I TOTAL 23 (7) 2. 3. 4. 23 22 22 90 2 3 3 10 4 3 3 12 1 2 2 8 1 1 23 (8) 22 (8) 22(8) 90(31) 1 SOCIAL SCIENCE SYLLABUS CLASS IX Term-I (April to September 2011) Time : 3 hours UNIT 1 (HISTORY ) India and the Contemporary World - I Section 1 : Events and Processes Maximum Marks : 90 1. 2. The French Revolution Russian Revolution OR (Chapter 1) Compulsory (Chapter 2) OR (Chapter 3) 3. Rise of Nazism UNIT 2 (GEOGRAPHY) : India-Land and the People 1 2 India Drainage (Chapter 1 and 2) (Chapter 3) UNIT 3 (POLITICAL SCIENCE) : Democratic Politics - I 1 2 What is Democracy? Why Democracy? Designing of democracy in India (Chapter 1 and 2) (Chapter 3) UNIT 4 (ECONOMICS) : Understanding Economic Development - I 1 2 The economic Story of Palampore People as Resource (Chapter 1) (Chapter......

Words: 3595 - Pages: 15

Premium Essay

How Is Imperialism Related To Nationalism During World War I?

...Which suggest that even though imperialism sounds interesting it’s only beneficially to the class that is for the movement to increase power. According to Hobson, Europeans should just focus their empowerment on wealth on a capitalist society. J.A. Hobson believes that, “investing capital in a foreign country has now grown to such an extent that the well-to-do and politically powerful classes in Great Britain today derive a large and ever larger proportion of their incomes from capital invested outside the British Empire” (Hobson 600). Here he states that capitalism is the drive for power to gain control over other nations. Rather than agree...

Words: 551 - Pages: 3

Premium Essay


...Legacies continue to live on. India is home to some of the World’s best Ancient Architectural wonders inspired by Hindu, Persian, Buddhist, European & other Architectural styles. India’s Cultural & Social diversity is unmatched. With over Ten Millennia of civilization, India has grown to be the genesis of varied Cultures, Languages, Traditions, Beliefs and Rituals. With relative isolation of various Societies, these have grown to leave an indelible mark on its followers. Four major religions of the World have their origins in India: Hinduism, Buddhism, Jainism and Sikhism. This had led to India becoming the home to many Pilgrimage sites. India is also the home of various Spiritual practices like Meditation and Yoga. India is also home to the tradition system of Naturopathy medicine: Ayurveda. India is rich in Bio-Diversity, with varied Flora & Fauna, many of which are native to India and are found only here. There are many Wild Life Sanctuaries, Botanical Gardens, Nature Reserves and Protected Ecology Zones. India also has varied Geographical features like Mountains, Plains, Forests, Tropic, Hilly Terrain, Marshes, Archipelago, Rivers, River Rapids, Inland Lakes, Beaches, Ocean, Bays, Seas et al. Lately, India has been making rapid Economic Progress. This has led to enormous strides in Infrastructure, Private Health Care, Education, Research & Development, Information Technology, Tourism, Urban & Rural Development and other fields. With its new found......

Words: 287 - Pages: 2

Free Essay

Henry Ford

...year 8,000 B.C.E. and finish the school year looking at modern day issues. The majority of your summer assignments will require you to read, reflect and analyze the one book selected from the list provided. You will also have to complete three basic world religions charts, answer questions about the Neolithic Revolution and complete a geography assignment. You may find links to the documents required for these assignments on my teacher Website Please feel free to email me over the summer if you have questions. Sincerely, Ms. Dunnavant Assignment One – WORLD RELIGIONS The influence of major religions and semi-religious philosophies on societies will provide a reoccurring theme throughout the course. It is important for you to be familiar with each religion as we proceed. Please follow the directions below: 1. Visit the following sources: • BBC Religion & Ethics Website • 2. Complete each of the following charts (use the link in the handouts section of my teacher web to print the charts): • Western Eurasian Religions Chart • Eastern Eurasian Religions Chart • Classical Eastern Semi-Religious Philosophies Chart An example of the detail expected of you can be found on the Classical Eastern Semi- Religious Philosophies Chart under Taoism. To help you...

Words: 1449 - Pages: 6