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What actions could a government take in order to keep the price above market equilibrium?
There are four basic possibilities here;
1) Minimum price;
2) A tax on the good;
3) Any form of price support scheme including government purchasing of the good; and
4) Government controls limiting supply.
short run equilibrium of the industry
In the diagrams related to bandwagon effect, why do we say when the price is 30$ the demand is 40?
Lovers of classical music persuade Congress to impose a price ceiling of $40 per concert ticket.
Gasoline Rationing - In the year 1974 and again in the year 1979, the government imposed price controls on gasoline. - This resulted in scarcity and gasoline was rationed.
Explain the monopolistic competition model of equilibrium with price competition under chamberlin s model
. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
Why elasticity is important for economic analysis? Elasticity is a significant concept in understanding the incidence of indirect taxation, marginal concepts as they relate to
haberlers cost theory
Problem 1: i) It has often been argued that a monopoly has both costs and benefits. Discuss. ii) Explain, using diagram the short and long equilibrium positions of a monopo
what is law of variable proportions?
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