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The necessary conditions for a
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Explanation of Solution
Perfect competition is a market structure in which large number of sellers sells a homogeneous product. The important characteristics of a perfectly competitive market include large number of buyers and sellers, identical products, unitary
Perfect competition: Perfect competition is a market structure in which large number of sellers offers a homogeneous product.
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Chapter 9 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
- The problem statement never defines whether the loan had compound or simple interest. The readings indicate that the diference in those will be learned later, and the formula used fro this answer was not in the chapter. Should it be assumbed that a simple interest caluclaton should be used?arrow_forwardNot use ai pleasearrow_forwardNot use ai pleasearrow_forward
- Not use ai pleasearrow_forwardSuppose there is a new preventative treatment for a common disease. If you take the preventative treatment, it reduces the average amount of time you spend sick by 10%. The optimal combination of Z (home goods) and H (health goods). both may increase both may increase or one may stay the same while the other increases. both may decrease H may increase; Z may not change Z may increase; H may decreasearrow_forwardIn the Bismarck system,. may arise. neither selection both adverse and risk selection ☑ adverse selection risk selectionarrow_forward
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