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Why do demand curves generally slope downward?
The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.
What are the income and cross elasticities of demand? Why might they be useful? Explain.
Perfect competition: The behaviours of firms in perfect competition. It should be noted that firms that fit into perfect competition model are very rare in real-life situation
what is mrs
price falls and demand is elstic
Capitalist Economy: Under capitalist economy factors of production are owned and managed by private entrepreneurs. Production takes place on. the initiative an enterprise of the pe
Proportion of Workers in Organised and Unorganised Workers: Increasing share of employment in unorganised sector reflect the deterioration in the quality of employment because
Functions
Q. What do you meant by Relative Poverty? Relative Poverty: A measure of poverty based on an individual or family's relative income compared to overall average level of income
Does the curve represent if the risk is NOT taken and the line connecting two points on the curve represents if the risk IS taken?
The End of the Malthusian Age We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies a
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