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Explain how consumers might benefit from the existence of monopolies.
While the standard issue of monopolies having higher prices and lower output that competitive markets might often hold true, there are three major notable exceptions:
1) Natural monopolies;
2) Monopolies which have large benefits of scale; and
3) Large abnormal profits re- invested in R&D and innovation.
prove that marginal utility of x=the price of commodity x.
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what is the definition of economic system?
During its current tax year (year one) a pharmaceutical company purchased a mixing tank that had a fair market price of $120,000. It replaced the an older, smaller mixing tank that
Income Elasticity of Demand is described below: Income elasticity of demand is the percentage change in the quantity demanded/required with respect to the percentage change in
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what are the properties of cost function
Current Account: The Current Account can be broken down into two parts, viz., one, balance of trade, and, two, balance on invisibles. The Balance of Trade (BOT) deals only wit
Discuss the impact of rational self-interest on each of the following decisions
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