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How is the wrong conclusion result in necessary condition not in the sufficient condition?
This is often heard that the market institution must not be used based onto the fact that several countries are market economies but remain poor. The cause this logic results within a wrong conclusion is which they did not realize the adoption of a market mechanism is just an essential condition for a country to be rich, although is not a sufficient condition. Becoming a moneyed country also based on other factors as like political system, culture and social infrastructures. Additionally, no illustration of a country can be established so far that this is rich in the long run, which is not a market economy.
The positive statement state fact whereas normative statement provides opinions or value judgments. Differentiating these two statements can void many needless debates.
merits and demerits of monopsony
The Law for Diminishing Marginal Returns - As use of an input increases in equal increments, a point will be approched at which the resulting additions to output decreases
assignment
Explain about the term cost function. Cost Functions This function measures the minimum cost of producing a specified level of output for some fixed factor prices. Likewise
ELASTICITIES OF SUPPLY AND DEMAND Usually, elasticity is a measure of the sensitivity of one variable to the other. It told us the percentage change in one variable in re
Sources of external economies of scale: Economies of Skilled Labour: This involves upgrading the skills of labour through the provision of education and training faci
Explain how the price system eliminates a surplus. The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pr
An important aspect of municipal finance involves capital budgeting and resource allocation. In some cases, resource allocations involve expenditures that are not directly revenue
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Adding the economic activities of government to the circular flow model shows that: 1. Government spending creates inflation 2. Government purchases of goods and services,
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