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Program Spending: Government spending that is undertaken to provide useful public programs. Program spending includes both transfer payments which are intended to supplement the in
Consumer Preferences Indifference curves represent all the combinations of market baskets which provide the same level of contentment to the person. Consumer Preferences
Why do some people believe that a mixed economic system solves basic economic problems? Ans) It is due to the private sector and public sector both have a say in answering the
price falls and demand is elstic
What are the determinants of income elasticity of demand? There are three determinants of income elasticity of demand. These are: Degree of necessity of a good: In a developed
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Deviation in graph
definition of abnormal isoquant and normal isoquant
The law of supply is that producers will supply more the higher the price of the commodity. The supply curve is an upward sloping function showing a direct relationship among pric
What is pigovian welfare economics
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