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types of cost
Gasoline Rationing - In the year 1974 and again in the year 1979, the government imposed price controls on gasoline. - This resulted in scarcity and gasoline was rationed.
Change in the price of a related good: Goods relate to each other in two ways. Goods are either complements or substitutes. Complementary goods are goods with joint demand. The
If a minimum wage were imposed below the competitive equilibrium what would we expect to observe in the effected labor markets?
Mathematical representation - Inflation Unemployment Trade-off : Suppose that firms correctly perceive the state of demand in the economy and the rate of price inflation. The
How has the haberler''s theory of opportunity cost an improvement over the classical theory of trade
Why total product continues to increase despite a decrease in the marginal product?
Dynamic model
True public goods are those goods which can't be provided to one group of consumers, without being provided to any other consumers who desire them. Thus they are "non-excludable."
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