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Scribbling in the Margins
3. Rational people think at the margin. That’s one of Mankiw’s Ten Principles of Economics. (#3, in fact). What does it mean? The usual definition of “marginal” is “additional.” In other words, the...
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Evaluating Different Market Structures
Market structures, like perfect competition, monopoly, and Cournot competition have different implications for the consumer and the firm. Measuring the differences can be very informative, but first we...
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