What would be that life cycle path of hours worked
Problem
Draw and explain the life cycle path of hours worked for a person who, at age 40, suddenly wins 5,000,000 RMB in the lottery. What would be that life cycle path of hours worked if he always knew that he would win the lottery?
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What would be that life cycle path of hours worked if he always knew that he would win the lottery?
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Discuss the economic factors that lead to the development of monopolies. Compare the efficiency of monopoly and perfect competition. Which is more efficient?
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