Introduction Definitions of • Perfect competition • Monopoly • Oligopoly Perfect Competition: - All Firms sell an identical product - All firms are price takers - All firms have a relatively small market share - Buyers know the nature of the product being sold and the prices charged by each firm. - The industry is characterised by freedom of entry and exit. Perfect competition is a theoretical market structure
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THE SUPPLY OF GOODS AND SERVICES: Market supply is the quantity of a good or service that all firms in a market are willing to sell‚ whereas a firm’s supply is the quantity that a particular firm within the market would like to sell. The relationship between the two is just that market supply is the sum of the supply of all the firms or producers in a market. The market supply curve slopes upwards due to the business objective that we‚ as economists‚ assume all firms have; to make the biggest
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Why is History so important? My mom always told me “History means past‚ present‚ and future. History is part of your life‚ the meaning of your present and the plans for your future. So never forget your past in order to not lose your future.” To be honest I always thought my mom was talking about my ancestors and my entire family tree. You know when you want to know the family diseases that can be hereditary you look at your family tree; you do the same to know all the possibilities for an offspring
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CHAPTER 11 DECISION MAKING AND RELEVANT INFORMATION 11-16 (20 min.) Disposal of assets. 1. This is an unfortunate situation‚ yet the $75‚000 costs are irrelevant regarding the decision to remachine or scrap. The only relevant factors are the future revenues and future costs. By ignoring the accumulated costs and deciding on the basis of expected future costs‚ operating income will be maximized (or losses minimized). The difference in favor of remachining is $2‚000: (a) (b) Remachine Scrap
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of the most influential psychologists in the investigation of personality‚ and his work can still‚ to some extent‚ be considered relevant today. His methods allowed for the first time the investigation of phenomena that were previously difficult to tackle‚ such as dreams and sexual desires. “Yes and No” is a justified reply to the question of whether Freud is relevant today in that his ideas on personality were the first to investigate the role of childhood trauma‚ and have been reflected in the
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Constitution is a very important piece of document for the American people and especially immigrants. There are many reasons for this‚ but the main one is that the Constitution gives freedom to people who enter America. These freedoms are not in many other countries and that’s why immigrants flee to America to pursue the American Dream. Our Constitution is still relevant today because of two things: Freedom of Speech‚ and Freedom of Religion. The first reason why the Constitution is relevant is because of
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Why is freedom so important? What about our constitution makes people liberated from our governments’ all-embracing grasp? I ask these questions because you as American citizens deserve the right to know why “We the people” are united to secure the blessings of liberty we were granted so many years ago. The majority of our Founding Fathers were Federalists. They believed that one large government should not have absolute power over smaller ones. These men played a key role in the fight for independence
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The global market for aquafeed is expected to reach USD 133.1 billion by 2020‚ according to a new study by Grand View Research‚ Inc. Increasing use of aquafeed in carp and crustacean farming is expected to boost market demand over the forecast period. The growing market for aquaculture‚ owing to the static natural production of fishes is expected to be another key driver for market growth over the next six years. In addition‚ the increasing focus on nutraceuticals such as omega 3 enriched products
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4) Why are financial markets important to the health of the economy? A financial market is a market where people and organization can trade financial securities and commodities at prices according to the supply and demand. Example of securities are stocks and bonds‚ and commodities include properties or valuable assets. A market holds interested buyers and sellers‚ including households‚ firms‚ and government agencies‚ in one place. Financial markets helps the raising of capital‚ the transfer
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Why Is Childhood Important? Written by Evan Bailyn on 06/20 at 11:43 AM “Our existence is but a brief crack of light between two eternities of darkness.” We know nothing of what happened before our birth‚ and we certainly know nothing of what will happen after we die. Movies‚ slide shows‚ and accounts of what life was like in other times are all fascinating to contemplate‚ but we cannot ever truly know what it is like to exist outside of our lifespan. The only period of time over which we have
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