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Q. Perfect Competition in neoclassical economics?
Perfect Competition: An abstract assumption, central to neoclassical economics, in that companies are so small that none can influence total output or price levels in an industry, none can anticipate or interact with the actions of its competitors and none can distinguish its products from those of competing firms. Perfect competition has never existed in real life; it's a theoretical assumption developed solely in order to defend internal logical integrity of neoclassical economic theories.
In a competitive market, the market demand is Qd = 150 - 5P and the market supply is Qs = 5P - 10. As a result of a price ceiling imposed at $14, the new consumer surplus and produ
Question 1: i) Elaborate on the different types of price discrimination that a monopolist may use and what are the required preconditions for its application? ii) What dete
why risk averse consumers pay premium for insurance to convert an uncertain outcome to a certain one?
PanCakes Creations is considering franchising its single brand of pancakes to stall-holders on the Zandvoort beach, which is 5 kilometers long. PanCakes Creations estimates that on
assumptions
Concepts of Income and Substitution Effects: Change in demand for a good due to one unit change in price of that good for given prices and money income is known as own price
Explain about the duality between direct and indirect utility. Duality between Direct and Indirect Utility: While seen how one can recover an indirect utility function by ob
marries model
Over the course of modern American economic history there have been market failures, various social problems, and other complexities that have resulted in certain resource markets
disadvantages of monopsony
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