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law of diminshining marginal utility
question #Minimum 100 words accepted#History of cobweb theory
explain how macro and micro issues may be represented using production possibility curve
Explain opportunity costs using a PPF where investment goods are on one axis and consumption goods on the other. Again, a good definition of opportunity costs linked to the not
what is the importance of law of supply
Factors determine the price elasticity of supply: The price elasticity of supply varies widely across different products. Some products have more leastic supply, while others
In theory, we know that a monopolist basis its price directly off of the demand curve, but in practice a monopolist cannot ''see'' the demand curve. Explain how a monopolist might
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
1. What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities? 2. What are
Tariff: A tariff is a tax imposed on the purchase of imports. It is generally imposed in order to stimulate more domestic production of the product in question (rather than meeting
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