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You should understand, and be able to interpret/use/analyze the following terms and concepts : substitute/ complementary/normal/inferior goods, positive and normative analyses, incentives, economies of scale,

You should understand, and be able to interpret/use/analyze the following terms and concepts : substitute/ complementary/normal/inferior goods, positive and normative analyses, incentives, economies of scale, constant returns to scale, diseconomies of scale, diminishing marginal returns, externalities, public goods, private goods, cost and revenue curves (fixed, average, variable, marginal)

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