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Monopolistic Competition and Oligopoly:
It was recognized that most industries exhibit the features of monopolistic competition in real-life. However, it must be pointed out that the formal theory of oligopoly to date has not been conspicuously successful.The reason adduced is that it is very difficult to determine precisely how firms will react to the price and output decisions of their rivals.
On Valentine's Day, the price of roses increases by more than the price of greeting cards. Why? (Hint: Consider what makes roses and cards different and how that difference might
Consumers purchase a house or multiple dwellings for a number of reasons. But what is the rationale behind their decision to buy and/or sell a house, flat or apartment? Do consumer
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Factors of Production : The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu
1. Isoquants are negatively sloped because if the quantity of factor 1 used in production is decreased then the quantity of the other factor must be increased to produce the s
how does utility figure in the analysis of consumer demand
Two firms, A and B, are planning to bid for a contract of Motorway extension in Mauritius. Suppose: (1) firm B is a newly established company and has already incurred a st
Use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women en
Explain inflation, and the difference between anticipated and unanticipated inflation. Answer Inflation is the persistent rise in the general price level in the e
What is opportunity cost? Answer: Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that co
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