Consider an economy that has a small number of large supermarkets and high barriers to entry...

Consider an economy that has a small number of large supermarkets and high barriers to entry to the supermarket industry. What type of market structure best describes this situation? Explain why.

What type of market structure would occur if the supermarkets combined into just one very large supermarket? What affect do you think this would have on prices and supermarket profits?

The following table reports key macroeconomic data for a particular economy.

Macroeconomic Data: 2019
Item	Amount (millions of US dollars)
Household Consumption	896.2
Investment	416.7
Government Consumption	273.6
Government Investment	13.6
Exports	301.2
Imports	265.9

Using the data in the table, calculate the value of GDP for 2019. (3 marks)

If the population of this country is 30 million, what is GDP per capita for this economy?

Explain what this measures.

Expert Solution

Rahul Sunny answered 7 months ago

Possible answers: "few large, high barriers, identical, low barriers, many small, one large, similar, without close...

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