market failure, Microeconomics

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What is market failure?

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Characteristics of economic infrastructure, CHARACTERISTICS OF ECONOMIC INF...

CHARACTERISTICS OF ECONOMIC INFRASTRUCTURE: Natural monopoly is the situation where the provision of a good or a service has economies of scale, which are realised most when a

PPC, could a nations production possibilities curve ever shift inward

could a nations production possibilities curve ever shift inward

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Economic development, Development: Economic development is the process thr...

Development: Economic development is the process through that a country's economy expands and improves in both qualitative and quantitative terms. Economic development requires co

Explicit cost, Explicit cost: Explicit costs are payments made by the ...

Explicit cost: Explicit costs are payments made by the firm when it purchases or hires factors of production for the production of goods and services. They are also referred t

Substitution effect, Substitution Effect -  The  substitution effect is...

Substitution Effect -  The  substitution effect is change in an item's consumption associated with the change in the price of the item, level of utility held constant. -  Wh

Production function for wheat, Production Function for Wheat *  Farmers...

Production Function for Wheat *  Farmers should choose between a capital intensive or labor intensive technique of production. Isoquant Describing Production of Wheat

Marginal utility approach, using the marginal utility approach discuss how ...

using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer

Elasticity, Elasticity is a term broadly used in economics to signify the “...

Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th

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