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For each pair of terms/concepts, define each term/concept and explain the relationship between them. The ideal answer is three sentences. One for each definition and one for the relationship.1. Cournot and Collusion2. Market Power and Herfindahl Index3. Contract Curve and Edgeworth Box for an Exchange Economy
Brie?y describe the preference reversal phenomenon, and explain how Grether and Plott's (1979) experimental design deals with anchoring as one of its possible causes. Using a dr
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