Explain why the asuumption of imperfect competition is necessary for endogenous growth models
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(a) Explain why the assumption of imperfect competition is necessary for endogenous growth models.
(b) How might well enforced intellectual property rights actually lead to divergence rather than convergence?
_______ is a form of imperfect competition wherein a small number of firms dominate the market.
1) What is Normal Profit and how is Normal Profit Calculated?[Chapter 8 The Competitive Firm ]
2) Define Market Structure in Economics? Define Perfect Competition. Define Imperfect Competition. [Chapter 8 The Competitive Firm]
3.) Describe the Perfect Competition Firm's Demand Curve and explain why it's that shape. [Chapter 8 The Competitive Firm ]
4.) What is the Profit maximization Rule for a firm in Perfect Competition? [Chapter 8 The Competitive Firm]