Titlebook: Economics Revision Guide; Jack Harvey Textbook 1994Latest edition Jack Harvey 1994 economics.employment.equilibrium.exchange rates.interna

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The Distribution of Goods to the ConsumerA manufacturer has to decide how his goods shall be distributed to the consumer. He may prefer to leave this to specialist firms – the wholesaler and retailer, representing forward vertical disintegration.

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Market Failure and the Role of Government.Given certain conditions, the market can achieve simultaneous exchange, technical and economic efficiency. .: no overall increase in satisfaction can be achieved by an exchange of goods since preferences are related to market price. A single market price will rule for each good until each consumer is in equilibrium.

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Imperfect Competition: Other Forms: . or . gives a downward‐sloping demand curve; ., so that super‐normal profits are eliminated in the long period.

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Methods of Allocating Resourcess any economic system must answer: What? How much? How? For whom? In doing so it links firms and households. There are two broad systems: (a) the market economy, working through the free price system; (b) the command economy.

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Deciding on the Most Profitable Outputb) production in the short period. Supernormal profit is the total revenue less explict costs less implicit costs (e.g. own labour and capital) less normal profit (the minimum return necessary to retain a firm in the particular industry).