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Price elasticity of demand = % change in quantity demanded / % change in price PED = ((2m - 1m)/1m x100) / ((1.35-1.5)/1.5 x100)PED = 100/-10PED= -10it is price elastic since PED < -...
Define key terms: Expansionary - Used in deflationary gap to cause AD to shift right an stimulate economic growth (accelerator) and Fiscal - A set of government policies that increase the quantity and qua...
Monopoly power refers to the ability of a firm to set prices. Legislation is a form to reduce monopoly power. Most countries have laws that try to promote competition by preventing collusion between oligo...
The main characteristics of a perfectly competitive market include: (1) a very large number of small, price-taking firm; (2) a homogenous product is being sold; (3) there are no barriers to entry or exit;...
Perfect competition is a market structure in which there are a large number of small firms competing very intensely. In this market structure no firm has the power to influence the price or supply of trad...
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