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Unformatted text preview: ISIBLE HAND IN ACTION
! Why do supermarket checkout queues all tend to be roughly the same length? 9-23 INVISIBLE HAND AND COST-SAVING
INNOVATIONS Why do tomato growers develop cost-saving innovations
when the market is highly competitive and they know
they will always earn a zero economic profit in the LR? 9-24 INVISIBLE HAND AND THE GOVERNMENT
REGULATION Why do taxi licences sell between $250,000 and
$300,000 in some Australian capital cities? 9-25 INVISIBLE HAND AND STOCK MARKET
! Share: A claim to a portion of a company’s current and future
accounting profits ! Present value: The amount of money we would need to invest today at a
given interest rate in order to generate a given amount of
money at a specified date in the future 9-26 EFFICIENT...
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This note was uploaded on 03/12/2014 for the course ECON 1101 taught by Professor Julia during the Three '08 term at University of New South Wales.
- Three '08