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a) Examine at least three (3) possible areas for the industry that could lead to transaction costs, and describe each in detail.
b) Speculate about the behaviour that could result from these transactions and propose at least two (2) strategies for dealing with them.
What the definition of microeconomic
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what are the factors causing oligopoly market?
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What is the substitution effect?
How does planning serve as a solution to economic problems?
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What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price; 2) A tax on the good
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