Distinguish between and give examples of market imperfections and market failures.
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Q3: Explain the underlying economic logic of why
Q4: In what sense can it be argued
Q5: Explain the concept of "elasticity of demand."
Q6: Summarize the logic of those who argue
Q7: Discuss some of the "real world" difficulties
Q9: Markets can be expected to automatically compensate
Q10: Adam Smith believed that the existence of
Q11: Although opposed to government intervention in the
Q12: According to the law of demand we
Q13: The substitution effect is explained by the
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