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What is the difference between 'scarcity' and 'shortage'?
'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce goods, we called this phenomenon 'scarcity'. On the other hand, 'shortage' is explained as the situation where the quantity demanded is greater than the quantity supplied because the market price is lower than the equilibrium price.
A spherical wave is reflected from a planar mirror sufficiently far from the wave origin so that the Fresnel approximation is satisfied. By regarding the spherical wave locally as
n..
Discuss how the opportunity cost principle influence a supplier''s decision to supply labour
Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class
An individual derives utility from consuming goods X and Y according to the following estimated utility function U = 12X 2/3 Y ¼ X and Y are quantities (units) of
equation for a demand curve is p=2/q. what is the elasticity of demand if price falls from 5 to 4
0.767 g of phosphorus and 0.650 g of chlorine were allowed to react. After the reaction was complete, all of the chlorine had been consumed, but 0.650 g of phosphorus remained. How
what is microeconomics in business decision
what is the indirect utility/
how can we bring in the marginal propensity to consume
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