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ECO401 - Economics

4 Topics 25 Posts
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    cyberianC

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    zareenZ

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    zareenZ

    Four types of market structure
    Monopolistic competition
    Oligopoly
    Monopoly
    Perfect competition
    In our case there is a perfect competition because so many sellers having identical or same products. Which are characteristics of perfect competition.

    Recommended:
    Pure or perfect competition is a theoretical market structure in which the following criteria are met: all firms sell an identical product (the product is a “commodity” or “homogeneous”); all firms are price takers (they cannot influence the market price of their product); market share has no influence on price; buyers have complete or “perfect” information – in the past, present and future – about the product being sold and the prices charged by each firm; resources such a labor are perfectly mobile; and firms can enter or exit the market without cost.

    Note: - We are not responsible for any mistake, this is for your idea or help, need to verify yourself.

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    zareenZ

    Unlike the Classical economists, Keynes believed that the economy could get stuck in the short run for a significant period of time because:
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