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Who sets the prices in the market and what is the nature of competition? Is it buyer versus sellers or buyer versus buyers? What happens if the price is too high or too low? Is the right price also the "fair" price? What is fair?
COMBINED ISLM MODEL
Kate uses a sewing machine to alter and repair clothes for one year in her own small business, Kate's Tailoring. She earns $20,000 during the year for various sewing projects. In t
Perfect Competition. a. What does it mean for a market to be perfectly competitive? What are the three conditions of perfect competition. What does it mean for firms to be 'p
While referring to the "EYE on YOUR LIFE" section on page 235 of the textbook, and the economic concepts you have accumulated during our course, consider the trade policies that se
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This economics of scale exist for all of the following reasons except: a. bureaucratic inefficiencies b. management problems c. failures in information flows d. firm size is to
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