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Price rise in future must not be expected - law of demand
If the buyers of a commodity expect that its price will increase in future they raise its demand in response to an initial price rise. This behaviour of buyers violates the law of demand. Consequently, for the operation of the law of demand it is essential that there shouldn't be any expectations of price rise in the future.
The concept of isocost In the use of resources, firms are faced with opportunity cost. For every addition of say capital, they must forego a unit of say labour. Expositio
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THE DETERMINATION OF EQUILIBRIUM NATIONAL INCOME National income is said to be in equilibrium when there is no tendency for it either to increase or for it to decrease. The a
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