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Demand Function
The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product or service. These other factors include the cost associated with making the product, the technology employed in making the goods, the number of vendors operating in a market, the price at which competing vendors are providing same products, and the supply of the product available to clients.
Explain how normal profit and abnormal profit differ. Normal profit (breakeven) - which must contain commentary on the inclusion of opportunity costs. Abnormal profit should be
1. Implicit and explicit revenues minus implicit and explicit costs equals: A. accounting profit. B. economic profit. C. zero profit. D. implicit profit. 2. A business owner mak
short run equilibbrium
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what is risk diversifications
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• If Mary uses all her resources to produce hats, she can produce 48 hats an hour. • If she uses all her resources to produce apple pies, she can make 24 apple pies an hour. how
The Hypothesis of Rational Expectations : In the General Theory (Keynes, 1936) we noted that the state of expectations was taken as given. There was, in addition, explici
choose a topic from microeconomics that matters to you and find a recent news article covering that topic?
what monopoly market .
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