What do economists mean that private goods tend

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Q. Will an increase in the minimum wage create more unemployment if the supply also demand for labor is highly elastic or highly inelastic?

Q. When a consumption schedule is plotted as a straight line, is the slope of that line vertical, horizontal, less than the slope of the 45 degree angle, or more than the slope of the 45 degree angle?

Q. Why do competitive industries tend to produce private goods at minimum average costs? Illustrate what do economists mean when they say that private goods tend to be produced in the right amounts?

Reference no: EM1322894

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