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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
Identify the four essential economic activities. The four main economic activities are: a) resource maintenance, b) production, c) distribution, and d) consumpti
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
Economic Reforms and Infrastructure Growth Infrastructure data for the pre-reform period (1980-81 to 1990-91) is with1980-81 as base year and for post-reform period (1993-94 t
Surplus: Anysector or agent in economy (business, householdor government) experiences a surplus when its income surpasses its expenditure. Surplus, Economic: For the economy
how does compensated demand curve help managers?
Laspeyres index The Laspeyres index tells us that: - The amount of money at present year prices which an individual requires to purchase bundle of goods and services which w
WHAT IA GMP
Briefly discuss the components of macroeconomics system with suitable explanation
bains limit price
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