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QUESTION
(a) One of the differences between a monopolistically competitive industry and a perfectly competitive one is that in the former, there is product differentiation. (i) Explain what is meant by product differentiation. (ii) Compare and contrast monopolistic competition and perfect competition.
(b) Explain the pricing strategies of an oligopoly market?
(c) To what extent is it true that monopolies are bad for the consumer?
#question.discuss the contention that the existance of a labour market is characterised by perfect competition is a fallacy.
Explain about the term underemployment and unemployment rate. Discouraged employees are non-working people who are able of working although are not actively in search of a job.
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) schedule; (
Marris'' Model OF MAXIMISING POLICY
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In June, Leslie wins a cash prize of $2,000. She plans to use this money to pay her tuition bill in September. Leslie puts this money in a savings a savings account because her mai
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Mercantilism was the economic philosophy underlying English colonial policy. The object of mercantilism was to enhance the wealth of the Mother County (Great Britain) in gold & sil
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How does the exchange rate influence the benefits of trade? Mutually beneficial international trade arises specified the exchange ratios lie among the internal opportunity cost
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