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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 t
the price elasticity for gizmos is known to be 1, if sellers of gizmos increase their
Consider an infinitely repeated prisoner's dilemma game by two players. The resultant payoffs at each stage by the actions of two players are given below in the table (payoffs are
a) Explain the perverse incentive. b) What makes the incentive perverse? c) How could the incentive makers better the incentive?
opportunity cost
If a minimum wage were imposed below the competitive equilibrium what would we expect to observe in the effected labor markets?
problems in traditional economic
Ask quesIn your own words describe how a market would adjust in situations of: a) Excess Demand b) Excess Supply c) Equilibrium As a follow up you might think about what effects
Briefly discuss the components of macroeconomics system with suitable explanation
Compare and contrast the different measures of revenue
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