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if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.
Comparative Advantage:A theory of international trade which originated with David Ricardo in early 19th Century and is maintained (in revised form) within neoclassical economics. T
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What are the steps of the basic analytical framework in Modern Economics? Framework is very significant to master this fundamental analytical framework, particularly, these fiv
relation between production and consmption
Labour Extraction: Most employees under capitalism are paid according to time they spend at work. Though employers then face a challenge to extract genuine labour effort from their
Factors of Production Factors of production are the resources that are utilized to manufacture goods and services: 1. Natural resources: The things developed by acts of n
Explain why both the PES and PED tend to be inelastic in the short run for primary goods. PED deals with (primarily) the ability and propensity of consumers to switch to other
Situation is where a luxury is there. There is the snob appeal possibility where the higher the price, the more desired the commodity it. Often people will drive expensive cars, e
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
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