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What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities
the prevalence of excess capacity is the direct consequence of the existence of monopolistic competition
Economic Growth: Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income. A country is said to experience econo
Problem 1: (a) Explain the meaning of poverty. Briefly explain how poverty is measured? (b) Clearly explain the relationship between Poverty, Inequality and Economic Growt
Identify the four institutional requirements of markets. The four institutional needs of markets are: Pprivate property, Social institutions of trust, Good physical i
unemployment is voluntary, discuss in view of the classical economists and the keynesian
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What are constant returns to scale? Constant returns to scale: A constant return to scale (CRS) implies that doubling inputs precisely double outputs, which is frequently a
Structure of benzene
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