Consider situations where you might consider swapping items with someone. Why are such situations relatively rare? Can you think of circumstances in which this might be more common?
Answer to relevant QuestionsExplain why the price of a good is no reflection of the total value that consumers put on it.‘Both short-run and long-run average cost curves may be -shaped, but the explanations for their respective shapes are quite different.’ Explain this statement.Think of three examples of monopolies (local or national) and consider how contestable their markets are.What is meant by the principal–agent problem? Give two examples of this problem that you havecome across in your own experience.Given the analysis of bilateral monopoly, if the passingof minimum wage legislation forces employers to payhigher wage rates to low-paid employees will thisnecessarily cause a reduction in employment?
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