Abstract:The price mechanism is central to the study of microeconomics, and in particular is closely related to the discussion of economic systems in Chapter 1, and also to Chapter 5, where we examine some mod...The price mechanism is central to the study of microeconomics, and in particular is closely related to the discussion of economic systems in Chapter 1, and also to Chapter 5, where we examine some modifications (such as price controls and rationing) to the market mechanism. In Chapter 4 we also examine the concept of market failure. This is related to the reasons for government intervention in the economy which we examine in Chapter 36; we examine the particular case of monopoly as a source of market failure in Chapter 11.Read More
Publication Year: 1992
Publication Date: 1992-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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