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1. How can a nation and its producers determine whether or not it has a comparative advantage in producing a particular good or service?
a
2. The above figure shows the market for the three moving companies in a small nation. If the movers act as perfect competitors, what is the price per mile and the number of miles per year? If the movers collude and act as a single monopoly, what is the price per mile and the number of lines per year?
3. a. "The marginal rate of substitution of the good measured along the x-axis increases as a consumer moves downward along an indifference curve." Is the previous statement correct or not?
b. Describe the consumer equilibrium in the indifference curve/budget line model.
There are various implications of the monopoly model; many of which lead to criticisms of monopoly on issues of both technical /allocative efficiency. The prices and output verifi
In the case of a tax abolition on food staples, what are the short run and long run effects?
Business sell to households in the resource markets, but households sell to businesses in the product market
Revise business plans to incorporate appropriate changes.
example of cournot model
what is exceptional demand
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