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Identify the four institutional requirements of markets.
The four institutional needs of markets are:
Pprivate property,
Social institutions of trust,
Good physical infrastructure and
Money.
Difficulties in Measuring Cost 1) Output data may represent an aggregate of different type of products. 2) Cost data may not include opportunity cost. 3) Allocating c
Illustrates the key terms of excise tax? Terms of excise tax: a. Tax incidence • Who bears the load of the tax? b. Excess burden or Deadweight loss • Taxes inflict
#question.contrast the long run equilibrium position of monopolistic competition firm and oligopoly.
what is the meaning of total revenue?
Analysis of business portfolio by using Boston Consultant Group (BCG) Matrix.
a more simple explanation of the group equilibrium in the short and long run
Institutionalist Economics: A school of heterodox economicsthat emphasizes importance of institutional development and evolution (as opposed to ‘pure' market forces) in explaining
Demand Pull Inflation: It describes a sustained increase in the general price level that is caused by a permanent increase in nominal aggregate demand. Simply, is can be view
Principle Agent Problem [Dealing with hidden action] Assume that the employer (principle) wants its employee (agent) to work hard [You can safely assume that this maximizes th
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