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Perfect competition has the following characteristics: 1. Large number of firms - There are a large number of firms in the market. Due to this each firm produces a very small fr
1. Refer to the data in the file "asm2Q1.xls" on the annual number of fatalities (FATALS, y ) from gas and dust explosion in coal mines for the years 1915 to 1978 and the number o
Explain the difference between elastic and fixed supply
Ask question #Minimu2. Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appra
What are the three major types of unemployment? a) Frictional b) Structural and c) Cyclical unemployment. Cyclical unemployment is broadly spread by an economy durin
required urgent
SUMMARY OF THEORY OF PRODUCTION
Explain the axioms of completeness, transitivity and non-satiation using appropriate examples.
what is externalities and market inefficiency
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
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