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There are various implications of the monopoly model; many of which lead to criticisms of monopoly on issues of both technical /allocative efficiency. The prices and output verified in the monopoly are not consistent with allocative efficiency criteria. In monopoly there are so much resources allocated to production of this product, for which we receive too little output as illustrated by comparison with the competitive solution, the dotted line .Accordingly, because of the barriers to entry, the price for this product is too high - as allocatively inefficient.
Cross-Price Elasticity of Demand is explained below: Cross price elasticity of the demand is the percentage change in the quantity demanded of a particular good, with respect t
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Why narrowness of definition of a commodity may influence price elasticity of demand
ref article :http://www.economist.com/news/finance-and-economics/21587795-if-congress-fails-lift-limit-americas-debts-consequences-are a.assume that the debt ceiling crisis
If we have two products, A and B, which are substitutes, we can expect that a rise in the price of A (or B) will cause the demand for B (or A) to go up.” Examine this statement wit
Input Substitution When the Input Price Change Isoquants and Isocosts and Production Function The minimum cost combination can be written as: - Minimum cost
Explain why a perfectly competitive firm does not expand its sales without limit if its horizontal demand curve indicates that it can sell as much as it desires at the current mark
Why is the goal of stability and security important to many people? What problems typically emerge during periods of instability? The instability over the business cycle can b
explain about integrability problem
unemployment is voluntary, discuss in view of the classical economists and the keynesian
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