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(a) Suppose that firms in this industry maximize their sales revenue, taking prices as given, subject to constraint that profits must be nonneg ative. What is the equilibrium in this industry if there are precisely six firms?
(b) What would be the equilibrium if three of the six firms were profit maximizers and three maximized revenue?
(c) Now suppose that all firms are revenue maximizers, taking prices as given, subject to a zero-profit constraint. Why is it difficult to contemplate an equilibrium in a case where there is free entry?
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Use a graphical illustration to describe briefly what the influence on the market supply of labour
In our analysis of international trade, a country becomes an exporter when the price without trade is below the world price and an importer when the price without trade is above the world price. Does that conclusion hold in your answers to parts (..
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Choose any firm and think about its buying and selling activities -everyone buys and sells, or at least "procures" and "supplies", or otherwise participates in exchange transactions.
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