What is imperfect competition?
What will be an ideal response?
Imperfect competition is an industry in which single firms have some control over price and competition. Imperfectly competitive markets give rise to an inefficient allocation of resources.
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Both competitive firms and monopolies produce at the level where marginal cost equals marginal revenue. Then, other things remaining the same, why is price lower in a competitive market than in a monopoly?
What will be an ideal response?
The term Ceteris paribus means that:
a. the model includes all important variables occurring in the real world. b. all factors which influence the event are changing at the same time. c. one influence is changing and everything else is being held constant. d. the consumer is king.
What is the relationship between debt, falling commodity prices and rainforest degradation?
What will be an ideal response?
The LDCs don't invest in capital goods, thereby reducing output potential, increasing poverty, and making future costs of capital investment even higher. This tendency has been referred to as the
a. circular flow b. vicious cycle of poverty c. investment cycle d. business cycle e. economic dualism