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Q. Perfect Competition in neoclassical economics?
Perfect Competition: An abstract assumption, central to neoclassical economics, in that companies are so small that none can influence total output or price levels in an industry, none can anticipate or interact with the actions of its competitors and none can distinguish its products from those of competing firms. Perfect competition has never existed in real life; it's a theoretical assumption developed solely in order to defend internal logical integrity of neoclassical economic theories.
the difference between an lc3 and other types of businesses is that
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Institutionalist Economics: A school of heterodox economicsthat emphasizes importance of institutional development and evolution (as opposed to ‘pure' market forces) in explaining
#quesSuppose that two anti-marijuana proposals are currently being debated in Congress. Proposal I will reduce the supply of marijuana and cause its price to rise by 7%. Proposal I
How does a per unit tax affect consumer surplus.
I have to make a research paper project on Investigating the buying behavior of individuals in the white goods sector and seeing if there exists any negative relationship between d
Mrs Holt, 85 years old, has been admitted to acute care following a fall resulting in a fractured femur. She is a widow and lives alone with her three cats for company. a) What
How equilibrium is achieved under monopoly
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Question 1: a) Describe the different types of unemployment that exist. b) Critically examine how monetary policy will be used to deal with inflation. c) Critically deter
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