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As there are natural monopoly market situations it is in the public interestto permit monopolies, but traditionally in the United States they are regulated with respect to price. The purpose of the rate regulation was to make sure that the public would not suffer price gouging as a result of the monopoly position of the firms. Some examples of regulated natural monopolies are electric utilities, cable TV companies, and telephone companies (local).
explain two theories of economic rent
determinate equilibrium price and quantity. if Qd=7-1/2p AND Qs=1/4P-1/2
When should a firm shut down production in the short run?
Protection against dumping: It could be looked at as the export of commodities priced below cost of production. Dumping is generally looked upon as an unfair trading practice
indiffference curve
what are the similarities and differences of marginal productivity and marginal utility
Define Average Total Cost and Average Variable Cost Average Total Cost: The amount spent on producing every unit of output. The average cost is calculated by dividing the t
1. Consider a model economy with a production function Y = K 0.2 (EL) 0.8 , where K is capital stock, L is labor input, and Y is output. The savings rate (s), which is define
firm''s product sells for Rs.200 per unit in a highly competitive market. The firm produces output using capital (which it rents at Rs.7500 per hour) and labor (which is paid a wag
Circular Flow of Income: The diagram shows Real Flow (goods and services) and Monetary Flow (Income and expenditure). The bottom pair of arrows depicts the goods market.
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