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Q. Explain General Equilibrium?
General Equilibrium: Neoclassical economics presumes that production, employment, investment and income distribution are all determined by a condition of equilibrium (with demand equalling supply) in each single market (including markets for both factors of production and produced services and goods).
cartels model of collusive oligopoly
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price quantity 10 60 20 70 30 90 40 110 50 130 derived a supply function for the relation between price and quantity
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