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Define the price ceiling A price ceiling is a highest price that sellers can charge for a product.
ADVANTAGES AND DIS ADVANTAGES OF MONOPSONY
Arbitration The use of a third party to describe between two sides dead locked in a negotiation. The arbitrator's decision can be binding or not binding, as before agreed upon
Production Process: Production is a process that transforms factors of production or inputs into output of goods and services. Production may be classified into extraction, ma
Briefly explain the main macroeconomic objectives of governments. Definition of macroeconomic issues Growth a) Enhance in national income per unit of time, a
The Market Mechanism Features of the equilibrium or market clearing price: – QD = QS – No shortage or scarcity – No extra supply price. – No pressure on th
Consumer Preferences Indifference curves represent all the combinations of market baskets which provide the same level of contentment to the person. Consumer Preferences
what is the law of diminishing marginal product? explanation with the help of proper schedule and diagram.
explain the marginal produtivity theory
Explainbainlimitpricetheory
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