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Returns to Scale in Carpet Industry * The carpet industry has grown from the small industry to large industry with some large firms. * Question - Can the growth be illu
International economic relations also vary, in large measure, on monetary issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easily bec
What two important functions are performed by the price system? (1) The price system is an automatic method for distributing goods and services. (2) The price system defines t
Q. Distribution of income? Distribution:Distribution of income reflects the process by which real output of services and goods produced by the economy is allocated to different
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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
a curve on a graph shows the relationship between apartment rent in a town and the quantitiy of apartments that people want at each rent. A new industry enters the town and the pop
Where the equation of isoquent drived from?
Change in consumer and producer surplus from price controls * Observations: - The loss is equal to area B + C. - The change in surplus = (A - B) + (-A - C) = -B - C -
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