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(a) Explain what happens to observed prices in posted offer and double auction markets as the number of sellers drop
(b) Explain what happens in these two markets as the number of sellers drops to only one seller.
(c) Explain why part (b) illustrates the first experimental principle.
Please provide detailed answers for all 3 sections ANSWERING the questions and NOT providing definitions.
Economists say that excess capacity in monopolistically competitive markets is "the cost to society of variety." What is the cost that economists are talking about and why is this cost the result of having a variety of goods and services?
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A physical therapy clinic faces a demand equation of Q = 200 – 1.5 × P, where Q is sessions per month and P is the price per session. a. The clinic currently charges $80. What is its sales volume and revenue at this price? b. If the clinic raised its..
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