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What are the advantages of leaving the allocation of a countrys resources to the price mechanism?
Ans) The main conditions needed are:1. Either a finite number of agents or products.2. No externalities - That is, the consumption of single person should not harm or advantage anyone else.3. No matter how much a person is consuming, they must be able to be made slightly happier by intense a bit more of something.
Learning Curve in Practice * Scenario - A new firm enters chemical processing industry. * Do they: 1) Produce a low level output and sell at high price? 2) Produce
impact of computer technology on nigerian economy
the price elasticity for gizmos is known to be 1, if sellers of gizmos increase their
Economic Development The word development is from the Latin root ‘Voloper’ which meant wrap up, envelop. The English used this word along with ‘des’ meaning ‘undo’. The word
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Would a risk loving person prefer an increase in the chance of winning the lottery by 20% or an increase in the jackpot of 20%
what are the properties of marshallian demand function
Pollutant Any substance, species produced either by a natural source or by human activity, which produces very adverse effect on the environment is called pollutant. Some commo
Special Drawing Rights: SDRs are entitlement granted to member countries enabling them to draw from the IMF apart from their quota. It is similar to a bank granting a credit l
what is equilibrium
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