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Understanding Economics
Understanding Economics: A Contemporary Perspective, 2/e
Mark Lovewell, Ryerson Polytechnic University
Competitive Dynamics and Government

Chapter Focus

In this chapter, you will:

Learn about the price elasticity of demand, its relation to other demand elasticities, and its impact on sellers' revenue

Learn about the price elasticity of supply and the links between production periods and supply

Consider how governments use price controls to override the "invisible hand" of competition

Examine spillover costs and benefits and the ways that government addresses these issues




McGraw-Hill/Irwin




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