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LOCATION THEORY: A theoretical framework for studying the location decisions made of firms and households based on transportation cost and spatial differences in the accessibility of inputs and markets for outputs. Location theory, developed with noted contributions from August Losch, Alfred Weber, Johann von Thunen, Walter Christaller, and Walter Isard, explicitly considers the cost of transportation in the production and consumption choices made by firms and households. Location theory has been used to explain urban density, labor migration, and land use.

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Lesson 19: Monopolistic Competition | Unit 5: Evaluation Page: 21 of 22

Topic: Regulation <=PAGE BACK | PAGE NEXT=>

  • Government intervention to correct market control inefficiencies typically involves.

    1. One option is the use of antitrust laws to prevent or correct monopolization of a market.
    2. Another option is to regulating prices, usually through a regulatory commission or agency.
    3. A third option is for government to take over the ownership and control of the firm.

  • Given that the gains from intervention are minimal, but the costs are likely to be substantial, the best choice is just to let it be.


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BALANCED-BUDGET MULTIPLIER

A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.

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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for rusty deck screws.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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