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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...
Aggregate demand is the sum of consumption, investment, government spending and net exports.Consumption can change for various reasons such as changes in income, taxes, expectations about future income, a...
Use of petrol and diesel cars causes over-pollution to the environment, which is an externality in the economy. The overconsumption of petrol and diesel cars results in more pollution and emissions than i...
Phillips explains that there is a trade off between inflation and unemployment. When there are high levels of demand in the economy, firms hire workers to be able to meet this demand, leading to low level...
A natural monopoly is a subset of the monopoly market structure that we looked at previously. It's a special case, where a monopoly market structure can be more efficient for society (than opposed to the ...
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