Question: E1) What is 'creative destruction'? How does creative destruction contribute to improvements in living standards over the long run? How could economic regulation of monopolies

E1) What is 'creative destruction'? How does creative destruction contribute to improvements in living standards over the long run? How could economic regulation of monopolies interfere with the process of creative destruction?

E4) What are information asymmetries? Explain the major types of information asymmetry and provide examples of how each results in market failure.

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