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If it makes sense that one type of labor can substitute for another in production how can capital a physical object substitute for labor a human being

If it makes sense that one type of labor can substitute for another in production, how can capital, a physical object, substitute for labor, a human being? 5. Describe the long-run equilibrium of the competitive firm. Conceptually remove a single assumption of perfect competition and analyze whether and how the process of longrun equilibrium would change. For example, if information were very imperfect, would the long-run equilibrium be achieved? If the firms’ products were not exactly alike? If there were barriers to the entry of new competitors? 6. When a welfare loss occurs because of monopoly, what exactly is lost? Who loses it?

Apr 30 2020 View more View Less

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