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Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
why use GNP in macroeconomichs analysis
Comparison with Other Countries: The basic purpose of this type of comparison is that: (i) it helps us to know the potentials of growth that can be built up in an economy,
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Define the concept of cross elasticity of demand
Money market: The money market is a market of short-term loans. It consists of financial institutions having surplus fund to lend on short-term basis, and those wishing to bor
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