Answer the 2 questions (800 WORDS PER QUESTION)
1. Explain how free-market conservatives differ from Keynesians in their views of the following:
a. The spontaneous tendencies of markets regarding full employment.
b. Fiscal policy and recessions
c. Government deficits, debt, and inflation and how they relate to stimulus policy
d. The interaction of aggregate demand and aggregate supply and operation of the price mechanism.
2. What is Oligopoly? Also, explain the following.
a. Why it exists, and why it is so common.
b. How Oligopoly differs from Monopolistic competition.
c. What the kinked demand curve theory is and what it purports to explain (draw a diagram to help make your answer clear).
d. What it means to say Oligopoly is strategic and how the prisoner’s dilemma seems to capture the situation of oligopolistic firms.
Mention the originator of specific famous theories [such as Keynes or Milton Friedman or Adam Smith]), however, do not use direct quotes from any sources—all the writing must your own words. The text will be checked for plagiarism. (If you want to use diagrams, you ought to reference the source of those, but please prefer diagrams used in the course materials and make sure you explain enough to show you’ve understood them).
Type of service: Academic Paper writing
Type of assignment: Essay
Number of sources: 10
Academic level: HNC/HND
Paper Format: APA
Line spacing: Double
Language style: UK English