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No new substitutes for the commodity
If some new substitutes for a commodity appear in the market, its demand normally declines. This is quite natural, since with the availability of new substitutes some buyers would be attracted towards new products and the demand for the older product will fall albeit price remains unchanged. Therefore, the law of demand operates only when market for a commodity isn't threatened by new substitutes.
The Mixed Economy There are no economies in the world which are entirely 'market' or planned, all will contain elements of both systems. The degree of mix in any one econom
Q. Total cost of Factor Combinations? Here we try to find total cost of every factor combination and choose the one that has the least cost. Cost of every factor combination is
Dynamics of Unemployment and Real Wages through Productivity Shocks The model that you are studying here is in the tradition of the real business cycle theory th
Individual and market demand schedule The plan of the possible quantities that will be demanded at different prices by an individual is called Individual demand schedule. Su
Burden of the national debt The extent of the burden on a nation of public debt, depends in the first place on whether it is an external or an internal debt. The burden of th
define equi marginal principle
Location problem in the plane: In Kent, the council to respond to the people and government needs, it decided to establish 3 community care homes. The towns are recorded with t
wHAT IS THE SIGNIFICANCE OF EXPECTATION ELASTICITY ?
T HE BANKING SYSTEM Consists of all those institutions which determine the supply of money. The main element of the Banking System is the Commercial Bank (in Kenya). The sec
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