Finding a life partner is a complicated process that may take many years. it is hard to think of this process as being part of a very complex market, with a demand and a supply for partners. think about how this market works and some of its characteristics, such as search costs. would you consider it a perfectly competitive market?

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Answer 1

Yes , It is perfectly a competetive market

It can be considered as a competetive market because of the following reasons:

Numerous young people looking for a suitable companion for themselves make up the existence accomplice search industry.Every single one of them comes with a specific list of traits and personalities in search of a partner with specific characteristics. For instance, some people look for age, some for character, some for wealth, etc.Additionally, there is a significant search cost involved because finding partners, shortlisting them, speaking with them, and determining whether they are a good fit takes a lot of time and is ultimately pointless.Given the large number of young men and women and their diverse characteristics, this market should therefore be seen as even more of a monopolistically serious market. Each one focuses on utility excellence, although they are not all that alike.

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Assume the US economy is in equilibrium. For each of the short-run situations (A-J) below, answer the following questions (i-iii):

1. Explain what shifts in the equilibrium diagram, and why.
2. What is the outcome of that shift (what happens to real GDP and PL)?
3. Is the result an inflationary gap, recessionary gap, stagflation, or increase in SRAS?

a. Consumers become confident in the future of the economy.
b. The government increases regulations on businesses.
c.The government increases spending.
d. New policies lead to more Americans having health care.
e.Home values, nationwide, significantly increase.
f.The value of the USD increases against foreign currencies.
g.Oil prices suddenly increase.
h.The government decreases personal income taxes.
i.The Chinese become wealthier.
j.Interest rates in the US increase.

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Answer:

Assume the US economy is in equilibrium. For each of the short-run situations (A-J) below, answer the following questions (i-iii): i. Explain what shifts in the equilibrium diagram, and why. ii. What is the outcome of that shift (what happens to real GDP and PL)? iii. Is the result an inflationary gap, recessionary gap, stagflation, or increase in SRAS? A. Consumers become confident in the future of the economy. B. The government increases regulations on businesses, C. The government increases spending. D. New policies lead to more Americans having health care. E. Home values, nationwide, significantly increase. F. The value of the USD increases against foreign currencies. G. Oil prices suddenly increase. H. The government decreases personal income taxes. 1. The Chinese become wealthier. J. Interest rates in the US increase.

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