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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."
Fiat money is not a new idea. Some European historians recognize the first use of fiat money in Europe resulting from gold and silver smiths issuing their customers receipts for g
What is the Adam smith view of "invisible Hand"? Invisible hand is an unknown power which is working for the interest of total economy. In any economy, everybody cares for his
how to define or interpret ppc curve
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 pr
in the context of managerial economics how do you explain a rational producer.illustrate giving example.
Problems Using Point Elasticity - We may need to compute price elasticity over portion of demand curve instead of at a single point. - The price and quantity used as base wi
How can we calculate the Inflation rate Inflation: The rise in general prices and the decrease in value of money. Inflation is a sustained increase in the general price level
Where the equation of isoquent drived from?
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Suggestions For the last 60 years the Bretton Woods institutions have played an essential role in ensuring global financial stability and fostering economic growth and develop
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