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Question 1: (a) Discuss the adjustment to an increase in demand for a perfectly competitive market in the: (i) Short run (ii) Long run (b) How would the same industry
are most local phone companies natural monopolies?
#what is exceptional supply curve
"price makers" never want to produce in the inelastic part of their demand curve why
why is the concept of elasticity crucial to the study of economics?
A Competitive Short Run Supply Curve of Firm * Observations: - P = MR - MR = MC - P = MC * Supply is amount of output for every possible price. Thus: - If
why we study micro econmics?
Describe Ionization energy or ionization potential and The factors affecting the ionization energies
Explain how automatic (fiscal) stabilisers may help to lower fluctuations in the business cycle. Definition of automatic stabilisers as built-in to the system in terms of trans
STRUCTURE OF NATIONAL INCOME: The structure or composition of national income of an economy explains the relative significance of the different producing sectors in an economy
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