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| | 1. One of the best motivators in business and in life is ___________. | | 1. One of the best motivators in business and in life is ___________. |
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| − | 2. Define what ''perfect'' competition is. | + | 2. Identify the four elements of ''perfect'' competition. |
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| | + | 3. Give an example of nearly perfect competition between two firms, and explain why. |
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| | 4. Do you think the converse of Gresham's Law is true with respect to speech and conversation, such that good speech or conversation (such as discussing the Bible) drives out bad? | | 4. Do you think the converse of Gresham's Law is true with respect to speech and conversation, such that good speech or conversation (such as discussing the Bible) drives out bad? |
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| | + | 5. Describe how you can use competition, perhaps even competing with yourself, to motivate you to achieve more. |
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| − | 2. Describe how you can use competition to help motivate yourself to accomplish a goal.
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| − | 3. Until Conservapedia.com began, Wikipedia.com did not have any competition. What often happens to a firm or service when there is no competition? Why?
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| | 4. Suppose you own a widget factory having fixed costs of $10,000. In addition to the $10,000, you have variable costs of $2,500 for each widget you make. Worse, the factory can make only 3 widgets in an entire year! Your widget sells for $5,000. Someone offered to buy your factory for $10,000. Should you sell it? | | 4. Suppose you own a widget factory having fixed costs of $10,000. In addition to the $10,000, you have variable costs of $2,500 for each widget you make. Worse, the factory can make only 3 widgets in an entire year! Your widget sells for $5,000. Someone offered to buy your factory for $10,000. Should you sell it? |
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| | 9. (Challenging, with extra credit) Prove mathematically that MC>MR for all Q>0 in the honors discussion above. (Hint: define MC in terms of the change in AVC, and then regroup the terms and draw conclusions about them to show MC>MR). | | 9. (Challenging, with extra credit) Prove mathematically that MC>MR for all Q>0 in the honors discussion above. (Hint: define MC in terms of the change in AVC, and then regroup the terms and draw conclusions about them to show MC>MR). |
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| | + | 10. Define the term "competition" in a new way by using another powerful term developed in this course. |
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| | 8. “One of the greatest benefits of competition is accountability.” How? | | 8. “One of the greatest benefits of competition is accountability.” How? |
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| − | 9. Describe an industry where you think competition is nearly perfect, and another industry where competition is far from perfect, and explain why for both.
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| − | 10. Is competition always a good thing?
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| | 11. The account of the multiplication of the loaves by Jesus is unique in the way it is included in all four Gospels, and is even mentioned twice in Mark. Read the account, as in Matthew 14:13-21. Does that account change your view about scarcity, and whether scarcity really exists? Even if it does exists, is its significance exaggerated by a lack of [[faith]]? | | 11. The account of the multiplication of the loaves by Jesus is unique in the way it is included in all four Gospels, and is even mentioned twice in Mark. Read the account, as in Matthew 14:13-21. Does that account change your view about scarcity, and whether scarcity really exists? Even if it does exists, is its significance exaggerated by a lack of [[faith]]? |