Consider a Keynesian model with the following specifications:C = a + b(Y T) cr I = i0 i1r Md = c0 + c1Y c2r P = 1 {a, b, c, i0, i1, c0, c1, c2} = {5,…
September 3, 2020
An export subsidy will_producer surplus,_consumer surplus_goverment revenue, and _ overall domestic national welfare increase,decrease,increase, have…
September 3, 2020

The following are possible characteristics related to different market structures, EXCEPT:

  1. Monopoly always implies the existence of positive economic profits
  2. The key characteristic for Monopolistic Competition is product differentiation.
  3. Under Perfect Competition firms will compete only in price since the product is standard.
  4. Collusion is a profitable but unstable strategy under oligopoly.
KM
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