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Industrial Policy: Government policies which are aimed at fostering the domestic development of particular desirable or productive industries, in order to enhance productivity, create higher-paid jobs, and boost international trade performance. Tools of industrial policy can include measures to stimulate investment in targeted industries; trade policies (like tariffs, limits on imports orexport incentives); and technology policies.
critical of comparative advantage theory
Type of total outlay
Ask question using health care as an example explain how markets fail due to different types of externalities arising from jointness in production and consumption
cobb douglas production function?
Reducing Risk Three methods consumers attempt to reduce the risk are: 1) Diversification 2) Insurance 3) Collecting more information
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
an explanation of the meaning of price ceiling
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Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
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