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Oligopoly and its properties
1. Implicit and explicit revenues minus implicit and explicit costs equals: A. accounting profit. B. economic profit. C. zero profit. D. implicit profit. 2. A business owner mak
price of laptop increases by 20% and there is a 40% drop in the quantity demanded?
What is an optimization in the methods of mathematics of modern economics? Optimization is a basic tool for the development of modern microeconomics analysis. Many of economic
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if nominal GDP in 2002 exceeds nominal GDP in 2001, did real output rise?
Normal profit: Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in
What is the problem of central economic
Direction of Trade: It is indicative of the structure and level of economic development. As a country develops and its trade gets diversified, it has to seek new outlets for i
Why total product continues to increase despite a decrease in the marginal product?
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