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WASTE IN IMPERFECT COMPETITION
Monopolistic competition involves some degree of waste in two aspects.
When new firms enter the industry and the demand for the individual firm's product falls it will be forced to reduce productions. This means that part of its plant equipment will be unused. It is said to be operating under conditions of excess of the demand or the market for its product.
In practice, the firm will not allow a situation where it is reduced to a state of lower than normal profits. It will try to maintain its customers against new firms through product differentiation and advertising in an effort to convince customers that its products are the best. This wastage of resources, which could be used to expand and exploit economies of scale.
A. Define inflation. Explain the role of inflation during inflation and deflation. B. Managerial economics is a form of economics for managers do you agrees? explain you comment
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Suppose there are two types of T-shirts: branded ones and unbranded ones and people allocate their spending in a way that they buy both types. Suppose the price of branded T-shirts
exaplain cournot''s duopoly model with graph?
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