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Assume a study finds that as people's incomes rise, they tend to buy fewer subway tokens due to they are more likely to have a car. This would mean that subway tokens are
Q. Role of Monetary Policy? Monetary Policy: Monetary policy reflects the use by government and government agencies (mainly the central bank) of interest rate adjustments and o
Explain the difference between a change in quantity demanded and a change in demand. Change in quantity demanded" refers to movement with the demand curve. For instance, if th
The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. What would answer be
What is the Adam smith view of "invisible Hand"? Invisible hand is an unknown power which is working for the interest of total economy. In any economy, everybody cares for his
Austrian economics is a brand of neo-classical economics that was established in Vienna during the late 19th century & first half of the 20th century. Austrian economics was strong
what is money? functions
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Basics of Theory of demand: The most famous approach in the history of consumer behaviour, after indifference curve approach, is the revealed preference approach. In the revea
Theory of Oligopoly: Oligopoly is that situation where the number of firms in the market is large but not as large as in the case of perfect competition so that it is possible for
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities
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