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QUESTION
a) State and explain the assumptions of a perfectly competitive market.
b) Analyse the effects on the firm's profit and output of an increase in demand in the short run and long run.
c) Explain with the use of appropriate diagrams the extent to which the existence of barriers to entry can make long-run equilibrium for a firm, operating under monopolistic competition, differ from that of a perfectly competitive firm.
What is factor endowment problem? Factor endowment Problem: Several LDCs have a poor factor endowment than productivity and incomes both are very low according to world
meaning of deductive and inductive method.
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It is significant that the contracts between the main contractor and the customer and between the key contractor and subcontractors are back-to-back; what is meant by that term?
How did foreign debt arise? Evaluation: Borrowing shows an injection of new resources in the domestic economy and also an opportunity for development. • When borrowed re
Why are many economists opposed to licensure of medical facilities and personnel?
IMPLEMENTATION ISSUES: Infrastructure sector, especially economic infrastructure, projects are facing a variety of problems, which are to be addressed in order to realise the
What would course a fall in equilibrium price?
QUESTION (a) Explain the 3 different ways of calculating national income. (b) Does the National Income figure accurately reflect the living standard of a population? Discuss
What is social cohesion? Social cohesion: Social cohesion is regarding how united, cooperative, connected and trustful a society is. This cohesion desires tolerance for c
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