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Explain the difference between productive and allocative ( economic ) efficiency.
In monopolistic competition: a) Firms face a perfectly elastic demand curve b) All products are homogeneous c) Firms make normal profits in the long run d) There are ba
critically examine Keynesian theory of employment?
According to the imperfect-information model, when the price level is greater than the expected price level, output will _____ the natural level of output A) be greater than
Question : The long-run position of an economy is described by the quantity theory of money: M/P = L (Y, r) Where M: nominal money stock; P: price level; Y: real income a
Consider an economy that produces only three types of fruit: apples, oranges & bananas. In the base year the production & price data are as follows: Fruit
c) Explain why perfectly competitive markets lead to an allocatively efficient allocation of resources in the long run
Q. Describe Wages and income? Remember that by wage we characteristically mean what you receive for working one hour, whereas income is the total revenue from all sources over
Find one or more articles in the wall street Journal or other business publications that describe changes in fiscal or monetary policies in the United States. Discuss how these pol
Explain the concept of diminishing returns to labor.
Determine the current productivity results for the non-farming business sector and the manufacturing sector. Discuss recent productivity and cost trends and make predictions for th
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