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Explain how the price system eliminates a surplus.
The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pressure on price. Since price falls, quantity demanded rises and quantity supplied falls. This will carry on until quantity demanded is equal to quantity supplied.
if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.
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Define
Aska) Summarize the basic tenets of the arguments in thiscase b) Do you agree with main tenets of the arguments in the case? Why? Justify your answer with detailed explanations.
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