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how can a price ceiling make consumers better-off? under what conditions might it make them worse off?
A firm in a perfectly competitive product market takes the price of the product as given. Similarly, a firm in a perfectly competitive factor market takes the price of the factor
Before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions. The difference between the ch
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what will be the effect on price and quantity when supply and demand changes in different directions but same magnitude?
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