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Present the empirical evidence

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Reference no: EM131831516

In this section you should present the empirical evidence and with the help of some microeconomic tools, you should explain rationally what happens in reality. Include terms like demand, supply, variable and fixed costs, marginal or incremental changes, marginal and average costs, price elasticity, income elasticity, maximization, minimization, normal profit, competitive markets, product differentiation, market structure, oligopoly, and other relevant terms.

Reference no: EM131831516

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