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Why do so many international markets tend towards oligopolist structure?
Definition of oligopoly - few and large firms with market power
a) Advantages of scale (LRAC diagram)
b) New markets - enhanced revenue/profits
c) spread of technology - firms will gain technological edge by merging or acquiring other firms
d) International firms will have access to foreign capital and lower cost factors of production
e) input from foreign markets can advantage the firm elsewhere, i.e. new tastes and preferences can permit the firm to transfer this knowledge to other markets
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In the diagrams related to bandwagon effect, why do we say when the price is 30$ the demand is 40?
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explain how microeconomic and macroeconomic issues may be represented using the production possibility curve
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in economics what is cobb douglas theory?
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