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(a) What are the characteristics of monopolistic competition?
(b) Why is the firm's demand curve flatter than the total market demand curve in monopolistic competition?
(c) Suppose a monopolistically competitive firm is making a positive economic profit in the short run. What will happen to its demand curve in the long run? And what will be its economic profit in the long run? Briefly Explain.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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