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Q. Explain about Natural Monopoly?
Natural Monopoly: In some industries, economies of scale are so strong that it makes most economic sense for there to be just one supplier. This kind of industry is considered a natural monopoly, because competition would eventually tend to concentrate output in one producer (and this is, in any event, most efficient way to organize production). Governments generally attempt to oversee the operation of natural monopolies through either public ownership or regulation.
if a commodity has limited demand , should economist say that we still have a scarcity ?
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
What are the advantages and disadvantages of monopsony?
Suppose the price elasticity of demand for extra dark chocolate truffles is -6. Hold other things constant , if price for Extra Dark Chocolate truffles is decrease by 3%, what wil
Distinguish between the terms of trade and the balance of trade. Basic explanation of the terms of trade as the average price of exports in relation to the average price of imp
Q. Can you explain Cost benefit analysis? A term used to explain analysis, which seeks to quantify in money terms as many of the costs and benefits of a policy or project as po
Functions of Money Money performs several important functions. It serves as a medium of exchange, a unit of account, a store of value and a standard of deferred payments. In a
Explain the meaning of the statment "coffee and tea are close substitutes".
1. Refer to the data in the file "asm2Q1.xls" on the annual number of fatalities (FATALS, y ) from gas and dust explosion in coal mines for the years 1915 to 1978 and the number o
ENUMERATION OF WORKERS: Now, let us discuss about the sources of data in India on workers. In India, two main organisations which generate and compile data on workers are the
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