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#question. what is the underlying reason for the law of increasing opportunity cost?
Insurance - Risk averse are willing to pay to keep away from risk. - If cost of insurance equals expected loss, risk averse people will buy sufficient insurance to totally r
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What is the difference between houehold and consumers?
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the general characterictics of economic models,its limitations and verification
Explain the key assumptions and desired properties commonly used economics. Economists generally make all or some of the given key assumptions and a condition while they study
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