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Explain how consumers might benefit from the existence of monopolies.
While the standard issue of monopolies having higher prices and lower output that competitive markets might often hold true, there are three major notable exceptions:
1) Natural monopolies;
2) Monopolies which have large benefits of scale; and
3) Large abnormal profits re- invested in R&D and innovation.
Micro Economics 1. Discuss the short-run cost-output relations. 2. Write a short note on pure competition. 3. Describe excess profit criterion. 4. Discuss the vario
Point Elasticity of Demand - For large price changes (such as 20%), value of elasticity will depend upon where price and quantity lies on demand curve. - Point elasticity me
1. Discuss how banks make money, and are structured in respect to Asset, Liability and Capital Management – give examples.
4) The prevention of major swings in economic activity can be handled most easily by the A. household sector B. business sector C. financial sector
It is important to understand the important characteristics of monopolistic competition. The knowledge of these features will enable the students to know how this form of market st
Suppose D1 represents the demand curve for paperback novels, D2 represents the demand curve for gasoline,S1 represents the supply curve for paperback novels and S2 represents the s
How does the approach of someone who has adopted the precautionary principle differ from someone with a blind faith in substitutability, when it comes to a non-renewable resource l
Depreciation: This signifies the loss of value from an existing stock of real capital (for an individual company or for whole economy), reflecting normal wear-and-tear of machinery
The price of petrol fell during the past year. a. Explain why the law of demand applies to petrol just as it does to all other goods and services. b. Explain how the substitu
illustrate and explain the changing demand gor big Mac using the indifference curves and budget line
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