List 3 reasons that firms exist. Do any of the reasons imply that the command and control of centrally planned economies is the appropriate form? What are the similarities and differences between firms and centrally planned economies?
Answer to relevant QuestionsWhich of the three types of government policies—antitrust, social regulation, economic regulation—is the basis for each of the following? Who benefits from the policy?a. beautician education standardsb. certified public ...What are network externalities? What is the externality part of the “network externalities”? Why don’t firms with network externalities become monopolists?What should the firm do, maximize profit or maximize stakeholder value? ExplainExplain why the price elasticity of demand is negative. What would the price of demand be for a “prestige good,” one for which quantity purchased increases a price increases? How do you reconcile these two statements?What would it mean if experience results in lower costs per unit but that this result eventually confronts diminishing marginal product?
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