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What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
What are the factors that determine the volume of production?
#question.what is elasticity of demand? .
Problem : (a) Using examples of Least Developed Countries, explain the: (i) causes of market failures; and (ii) consequences of market failures (b) Describe the common
What are corrective taxes? Why do economists prefer them to regulations as a way to protect the environment from pollution. Discuss
Learning curve implies: 1) The requirement of labor falls per unit. 2) Costs will be high at 1 st and then will fall with learning. 3) After eight years the labor requ
Market failures (even when they do not have international external effects) i) Self-fulfilling bank runs, government debt runs, currency crises. ii) Liquidation costs of li
opportunity cost
What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma
1.what is price mechanism? 2.how does price mechanism benefit an echonomy. 3.what are the characteristics of a centrally planned economy?
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