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Explain why goods provided by natural monopolies are often publicly owned.
It would seem that most normal monopolies come with high MSB and also that society has deemed these goods far too societally significant to be owned/operated by private interests. Therefore, water, gas, sewage, public transportation, telecom etc, is often wholly in the hands of government or local municipal ownership - or at least control.
Explain the difference between a change in quantity demanded and a change in demand. Change in quantity demanded" refers to movement with the demand curve. For instance, if th
why does the quantity of education change in the private universities much more responsive than salt as to changes in price?
Determinants of Private Demand - Waiting-Time for Employment ‘Waiting time’ for employment is another important factor. The waiting time varies from course to course. For inst
What was the price index for 2008, 2009 and 2010?
Marginal Product (MP) of a Factor: From the above mentioned production function, immediately we can study the effect on total output when there is a variation in labour utlili
Gross Domestic Product, Deflator: A price index that adjusts the overall value of GDP according to average increase in the prices of all output. GDP deflator equals the ratio of no
Explain the figure of say''s law of market
What do you mean by Consumption Set? Consumption Set: We notice a consumer faced along with possible consumption bundles within consumption set X. We generally assume that X
A type of economy (like in Europe in the Middle Ages) which is primarily agricultural however productive enough to support a class of merchants andartisans. Feudal societies are co
Problem 1: i) Distinguish between the different types of concentration measures. ii) Derive and explain the Dorfman and Steiner (1954) condition for optimal advertising.
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