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Part 1: Special characteristics of purely competitive firms
1. How does the investment banks industry fit into the perfectly competitive model?
2. Does pure competition, as a market model, have any disadvantages for a) producers, and b) consumers? Give examples to substantiate your response.
Part 2: Analyze the conditions required for pure competition to exist in the real world
1. Is pure competition a "desirable" market model for all industries? Should industries aspire for pure competition? Why or why not?
2. Think of an industry that does not function in a purely competitive market currently. Describe the changes that would be required, if this industry wanted to function under pure competition.
The production possibilities curve represents the set of all and the opportunity cost of a glove in Panama - an airplane manufacturing consortium in Europe, which receives large subsidies from several European countries.
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We make selections as customers every day. Opportunity cost is defined as a person's next best alternative or cost of what you give up when you make a choice.
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Assume that a simple society has economy with only one resource, labor. Labor can be employed to produce only two commodities- X, a necessity good (food) and Y, a luxury good ( music and entertainment). Assume the economy produced at a point inside..
The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
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