When is it not a matter of concern for businesses

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Reference no: EM133810392

Explain the impact and role of new technology (AI, etc.) on a market economy. What new economic environment or conditions will businesses face, and how should they respond? Elaborate on the role of the invisible hand and explain the status of supply and demand, equilibrium, competition, monopoly, consumer surplus, producer surplus, and deadweight loss in the context of the new economic conditions. Provide specific examples. Use charts and graphs if needed.

Explain why businesses should be concerned or not be concerned about allocative and product efficiency in perfect competition. When is it not a matter of concern for businesses? Look into how governments and markets fail and the impact of externalities on equilibrium. How does the government deal with the overproduction or underproduction of goods and services and the overallocation or underallocation of resources? How do firms react to the government's actions and policies? Provide specific examples.

Reference no: EM133810392

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