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QUESTION
(a) One of the differences between a monopolistically competitive industry and a perfectly competitive one is that in the former, there is product differentiation. (i) Explain what is meant by product differentiation. (ii) Compare and contrast monopolistic competition and perfect competition.
(b) Explain the pricing strategies of an oligopoly market?
(c) To what extent is it true that monopolies are bad for the consumer?
For the special case when firms are price takers, what is the relation between total revenue, average revenue, marginal revenue and price?
A manufacturing company has determined from an analysis of its accounting and production data for a certain part that : a. Its demand is 9000 units per annum and is uniform
Are international capital flows a problem? Problem: Capital flows can have an adverse outcome onto: a. Balance of payments (BoP): Shortly term capital inflows can be like:
what are the factors that affect the volume of production in economy
Q1 An important first step to the statistical analysis of data is to "get to know your data". The following tasks should contribute to this. (a) To the right of the dataset c
interaction between the two market force, demand and supply
How do we identify if an institution or development policy works? Institutions and policies have goals. Successful policies and institutions meet stated objectives in a specif
How does Structural Adjustment Programmes/Poverty Reduction Strategies assist development? Structural Adjustment Programmes (SAPs) /Poverty Reduction Strategies (PRS) are an ef
Suppose an oligopoly consists of three identical firms. Industry demand is P = 100 - 2Q and MC = AC = 20. What is the Cournot–Nash equilibrium output in this industry
What are capacity building policies? Capacity building policies: Capacity building is the development and improvement of institutions. And Capacity building policies as
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