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The Efficiency of a Competitive Market
*? When an competitive markets generate an inefficient allocation of the resources or market failure?
1) Externalities
2) Lack of Information
*? Government intervention in these markets increase efficiency.
*? Government intervention without market failure creates inefficiency or the deadweight loss.
Marginal revenue: Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the s
Explain the meaning of the statement "coffee and tea are close substitutes".
1. What are the uses of elasticity to the public sector and private sector? (20 marks)
why does the quantity of education change in the private universities much more responsive than salt as to changes in price?
Privatisation of the Economy: Privatisation has to be viewed in two ways: In a narrow sense, it implies the induction of private ownership in a public sector undertaking. In a
The following represents the potential outcomes of your first salary negotiation after graduation: Assuming this is a sequential move game with the employer moving first, indicate
Explain the term Laissez-Faire The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector
Can this be done now?
How does the BLS classify people who are "not in the labor force," and what people are often in this category? If an individual surveyed (that is, who is age 16 or over and no
Factors Shifting Demand Curve: Factors Changing Demand Effect on Demand Direction of Shift in Demand Curve Ef
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