There is hardly any good that does not have substitutes. Discuss.
Answer to relevant QuestionsWhy is the demand curve for a firm in monopolistic competition downward sloping? Complete the table for a Taco Bell burrito special, using any numbers you wish, to illustrate the impact on Taco Bell of (1) Wendy's most effective advertising and (2) its more moderate effective advertising. Explain your ...For perfectly competitive firms, economic profit exists only in the short run. Why? Compare John K. Galbraith's and Alfred Marshall's views on innovation and plant size. Why is game theory useful in describing the behavior of firms in oligopoly? According to game theorists, do oligopoly prices tend toward equilibrium? Why, or why not?
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