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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.
Q. Describe Classical Economics? Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricar
Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit? Answer The term externalities refers to bot
"Assume the local fixed telecommunications company is a monopoly. It costs the company €2 per month to give voice messages service to a customer. Elasticity of demand for voice mes
if you were making the pricing decision for the gasoline company, would you cut, raise or leae the price unchanged
on what grounds is consumer surplus criticised?
What happens when oil eventually runs out?? can''t we just pay doctors and nurses more money?? The unemployed should get off their backsides and get a job??
Malthus and the Food Crisis - Malthus predicted starvation as diminishing returns limited agricultural output and the population continued to grow. - Why did Malthus' predic
Cyclical Fluctuations: Consider a situation where the value of money above trend indicates an unexpectedly high level of money in the recent past. The model predicts that this
argument against in favour of traditonel theory profit maximisation
using ? tools of economic highlight on comsumption
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