"At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as saying ""liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate."" Why would he have said this?" "He thought this was the way to increase profits, and was only concerted with business profits and not people." O "He was crazy, and in fact, admitted to an insane asylum shortly after making this statement." " He believed that in the 1920s there was excessive attention to material wealth, and that ""we should live simply, so that others may simply live."" O "He thought the economy had to squeeze out excesses which had accumulated in the 1920s, and that this would benefit the economy in the long run."

what is the meaning behind Frederic Bastiat's Negative Railroad? Be thorough and prove your understanding.

Please answer both questions. Has the credit card industry become more or less competitive? Does it still fit the characteristics of perfect competition or is it moving away from being perfectly competitive? Does the fact that the credit card issuing industry meets some criteria of perfect competition benefit society? Why or Why not?

PLEASE TYPE Suppose an industry that has 10 firms. Below are the market shares for 2008 and 2013 of the 10 firms.   Market Share Firms 2008 2013 A B C D E F G H I G 26% 21% 16% 10% 9% 7% 4% 3% 2% 2% 22% 23% 19% 9% 8% 7% 6% 4% 1% 1%   Using the CR4, CR8, and HHI, analyze the evolution of the potential market power of firms in the industry.

5.4 Food service firms buy meat, vegetables, and other foods and resell them to restaurants, schools, and hospitals. US Foods and Sysco are by far the largest firms in the indus- try. In 2015, these firms were attempting to combine or merge to form a single firm. A news story quoted one res- taurant owner as saying: "There was definite panic in the restaurant industry... when the merger was announced. They know they're going to get squeezed." a. Analyze the effect on the food service market of US Foods and Sysco combining. Draw a graph to illustrate your answer. For simplicity, assume that the market was perfectly competitive before the firms combined and would be a monopoly afterward. Be sure your graph shows changes in the equilibrium price, the equilibrium quantity, consumer surplus, producer surplus, and deadweight loss. b. Why would restaurant owners believe they would be "squeezed" by this development?

On the graph below, shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-1 report and the new long-run equilibrium after firms and consumers finish adjusting to the news. PRICE (Dollars per kilogram) 10 6 Supply Demand 8 7 2 1 Demand 0 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of kilograms) Supply The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is run.

Unlike the Suez Canal, the Panama Canal is highly relevant for the US economy. A blockage of the Panama Canal could produce severe supply disruptions for the US economy. Suppose there is a severe blockage of the Panama Canal that last for six weeks. The following questions consider how such a blockage of the Panama Canal would affect the US economy in the short-run. Once Panama Canal officials are able to unblock the canal and get traffic flowing again, the US economy will begin to recover from the supply disruptions. Which of the following statements describes the US economy after the Panama Canal has become unblocked?        A) The price level will increase back to its initial level of P*, and real GDP will decrease back to its natural level.       B) The price level will decrease back to its initial level of P*, and real GDP will increase to its natural level.       C) The price level will increase to its original level of P*,…

What type of tax increases could increase the savings rate and therefore promote long-run growth?     sales tax   income tax   capital gain tax   excise tax

a.  Define the terms “Short Run” and “Long Run”.  b. Would the short run be longer for Tonino’s Pizza Restaurant or for NASA? Explain.