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A Negative Externality. For example, in the production of Fuel, the private cost of producing the good (i.e £1) many not take into account the social cost of production (e.g pollution, climate change ect....
A public good is a good or service which is both non-rival and non-excludable. Non rival means that one person consuming the good does not stop somebody else from consuming it. For example, cake is rival,...
The measures that government might use to restrict the monopoly power of supermarkets would be introducing competition policy like for instance introducing new entrant into the market so not only one firm...
Essay plan:Distinction between income and wealth inequality1st point: income inequality --> increase income tax --> why would this reduce income inequality? --> more tax revenue for g...
The main difference is that the diminishing returns to a factor relates to the efficiency of adding a variable factor of production but the law of decreasing returns to scale refers to the efficiency of i...
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