Neoclassical economics places a larger focus on providing extra options and <u>improving living standards, </u><u>which are ultimately decided by long-term progress.</u>
As a result, it focuses on long-term growth rather than fighting recessions.
In actuality, neoclassical economics holds that a product's price is mostly influenced by its manufacturing costs. According to neoclassical economics, the primary factor for client decision-making therefore becomes price.
As a result, letting the neoclassical economists concentrate on prices is not the best way to combat the recession. Long-term economic performance is always emphasized by neoclassical economists.
Note that the neoclassical approach to macroeconomics emphasizes the idea that, over time, the economy tends to recover to its potential GDP and natural unemployment rate.
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Answer:
are in their directly related field, they are going to have more market opportunities if they stick to their target market
Explanation:
Answer:
b. private producers of such goods will have little incentive to control costs and provide them at low prices
Explanation:
Externality is a situation where the production activities of market participants (either producers or consumers) have an effect on third parties not involved in production.
Externality is a form of market inefficiency.
Negative externality is when goods are produced privately, but the cost of their purchase is paid for by the taxpayer or some other third party.
When negative externality occurs, producers have little incentive to reduce cost because they don't bear the total brunt of their activities. This is why activities that generate negative externality are over produced.
Government needs to step in to control this problem. They can either impose tax on producers or regulate their activities.
Pollution is an example of negative externality.
I hope my answer helps you
structure because it's all about how you put it together
