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The benefits of government intervention are largely dependent on the type of government intervention and the form of market failure it hopes to correct, however it is normally beneficial for the governmen...
The price level will increase, because foreign goods will be more expensive and this will effect prices overall.
Perfect competition is a market structure in which an infinite number of firms produces identical products for an infinite number of consumers. It is an ideal and theoretical model. Abnormal (supernormal/...
Concave PPF diagram - point X anywhere on the curve, point Y strictly inside the curve. X is efficient because an increase in output of one good cannot be achieved without reducing the output of the other...
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