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Benefits:
> Increased real national income and hence standard of living
> Increase in the size of markets allowing MNC's to exploit and take advantage of economies of scale
>...
A perfectly competitive market is a market where a large number of firms produce identical products (perfect substitutes). The characteristics that define perfect competition are the following: - no barri...
Begin by defining fiscal policy and a supply-side improvement (the latter should be supplemented with a diagram). Following the definition of a supply-side policy, we might begin with examples of fiscal p...
Imagine that there are 10 apples to be sold at $1 each and that there are 10 people wanting to buy (demanding) an apple each. Now imagine there is an apple health-craze in this country and so now there ar...
An oligopoly is defined as a market structure where the market is dominated by a few large firms. Within the oligopoly, there is mutal interdependence, where firms base their prices and marketing strategi...
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