Consider a competitive market served by many domestic and foreign firms. the domestic demand for these firms' product is qd = 60
0 – 2p. the supply function of the domestic firms is qsd = 200 + p, while that of the foreign firms is qsf = 250. a. determine the equilibrium price and quantity under free trade. equilibrium price: $ equilibrium quantity: units
b. determine the equilibrium price and quantity when foreign firms are constrained by a 100-unit quota. equilibrium price: $ equilibrium quantity: units
c. are domestic consumers better or worse off as a result of the quota? worse off better off neither better nor worse off
d. are domestic producers better or worse off as a result of the quota? worse off neither better nor worse off better off
One thing that distinguishes the short run and the long run is
the existence of at least one fixed input.
Explanation:
On the long run, all productive inputs can be changed and/or altered. that includes fixed costs like equipment and machinery, building facilities, processes, wages, etc.
On the short run, at least one of the inputs used to produce our goods or services cannot be changed, e.g. wages tend to be sticky, fixed costs (depreciation of equipment and machinery, buildings, etc.)
having a cheerful, positive demeanor and respectful comments.
In a well-functioning organization, you would hope to find both of these traits amongst your workers. They are signs that things are running smoothly with little conflicts.