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Question:
(a) With reference to the characteristics of market structure, describe why the market for powdered milk in Mauritius is an appropriate example of monopolistic competition while the soft drink industry an appropriate example of oligopoly.
(b) Using appropriate diagrams, explain how a firm under monopolistic competition reaches equilibrium in the short run and in the long run.
(c) Describe the different pricing strategies of firms under oligopoly.
What are the three approaches to measuring GDP? The three approaches are: a) The production approach, b) The spending approach and c) The income approach.
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waht are the characteristics of perfect competetion market
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illustrate and explain the changing demand for big mac using the indifference curve and budget line
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Transfer Payments: Governments typically redistribute a share of tax revenues back to specified groups of individuals in form of several social programs (like welfare benefits, pub
Use a PPF to explain the difference between actual and potential growth. The PPF shows possible output, taking into consideration all factors of production - but de facto outpu
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#q7. Problem-solving question: Use the following data for a firm’s output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) sched
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