In: Economics
PLEASE ANSWER ALL OF THESE QUESTIONS↓
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1. In an essay of at least four paragraphs, answer the following question. Explain how both increases and decreases in supply and demand can alter equilibrium prices.
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2. In an essay of at least three paragraphs, answer the following question. Discuss the advantages of using prices in the marketplace, as well as the various benefits of a price-driven economy.
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3. In an essay of at least three paragraphs, outline how the U.S. government can promote and protect competition in the marketplace.
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4. In an essay of at least two paragraphs, discuss the four requirements that a market must have in order to meet the criteria of a perfectly competitive market as well as the factors that can lead to imperfect competition in a market.