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(and How Not) to Measure Market Power Over Business Data Services
(and How Not) to Measure Market Power Over Business Data Services

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Taran Fæhn and Erling Holmøy Welfare Effects of Trade

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empirical applications of
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... being equal,” used as a reminder that all variables other than the ones being studied are assumed to be constant. • Economists use the term ceteris paribus to signify that all the relevant variables, except those being studied at the moment, are held constant. However, in the real world, many things ...
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... How will it affect the shape of the demand curve?) (d) Another measure is to discourage teenagers from obsessed with teen idols through education. With the aid of a diagram, show the change in equilibrium price and quantity of NaNa’s posters if the policy is effective. (e) Indicate the change in tot ...
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... Supply is the different quantities of a good that sellers are willing and able to sell (produce) at different prices. What is the Law of Supply? There is a DIRECT (or positive) relationship between price and quantity supplied. •As price increases, the quantity producers make ...
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...  Excess supply: quantity supplied > quantity demanded  Excess demand: quantity demanded > quantity supplied ...
< 1 ... 39 40 41 42 43 44 45 46 47 ... 220 >

Externality



In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of an individual who chooses to fire-proof his home may benefit from a reduced risk of a fire spreading to their own houses. If external costs exist, such as pollution, the producer may choose to produce more of the product than would be produced if the producer were required to pay all associated environmental costs. Because responsibility or consequence for self-directed action lies partly outside the self, an element of externalization is involved. If there are external benefits, such as in public safety, less of the good may be produced than would be the case if the producer were to receive payment for the external benefits to others. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved. Thus, unregulated markets in goods or services with significant externalities generate prices that do not reflect the full social cost or benefit of their transactions; such markets are therefore inefficient.
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