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Question A: The problem with perfect competition is that supernormal profit is not achievable in the long-run. Discuss. Students need to lay out the assumptions of a perfectly competitive market, highlighting the absence of barriers to entry.
Perfectly competitive markets have four basic assumptions (McConnell and Brue, 2008):
Large number of sellers: under perfect competition there are many sellers in a market. They offer their products in large international or domestic markets. For example, farm commodities, foreign exchange and stock markets. (more…)
The physical layout of the RFK High School reflects the educational idea of the house system concept. The house system concept was designed to provide better quality education for students in the inner city while simultaneously capturing the economics of scale that can be achieved by large-scale organizational structures. (more…)
As denizens of the 21st century, most of us have are not overly fond of bureaucracy. But this is in large measure because it is difficult for us to imagine a world without it. While bureaucracy certainly has its drawbacks, it also provides a rational framework through with to accomplish work. Bureaucracies are not perfect, but they are essentially rational – unlike the methods of organizing work that came before them, which is the reason that the German sociologist Max Weber championed them. This paper examines his views on the importance of bureaucracy within the larger framework of his views on the ways in which societies are structured. (more…)
With the ever growing and booming technology it is impossible for any student to survive without a cellular phone. In fact, these days if you do not have a cell phone you may be considered as outdated who may love living in the old era. Cellular phones can be extremely beneficial as well as a nuisance during college studies. From a professor’s point of view, cellular phones should be completely banned from being used in college classrooms. Whereas, from a student’s point of view it is something that helps him/her keep in touch with family and friends all the time. Besides, it helps with other academic activities as well such as accessing websites providing authentic references in a particular assignment or course. It can also be an extremely distracting factor especially during the lecture as it can put a professor off the track. However, in this article, some of the benefits of cellular phones during college studies will be discussed. Keep reading below to learn more about the benefits of cellular phones in college. (more…)