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Define law of demand.
Answer: Quantity demanded increases as price falls, other things constant. In other words, "Other things remaining the same, when the price of a good rises then quantity demanded of a good tend to contract and when the price of a good declines then the quantity demanded of it tend to expand."
Q. What is Gini Coefficient? Gini Coefficient: A statistical measure of inequality. A Gini score of 0 signifies perfect equality (in which each individual receives the same inc
problems in traditional economic
How many hours will an individual allocate to leisure if their indifference curves between consumption goods and leisure are concave to the origin? Show in figures and explain in
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what are fundamentals of welfare economics?
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