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How the above would apply to non-renewable resources such as oil.
This has general applicability to any competitive market. The issue here is that potential supply has a finite limit and that ever-lower reserves of oil mean scarcity higher price → incentive for suppliers to find additional reserves. It also means that the rationing function will kick in; higher price→ consumers will reduce quantity demanded and look for substitutes.
quasi rent theory
what are the criticisms of modern theory of rent?
Economic Rent - Economic rent is difference between what firms are willing to pay for the input less the minimum amount required to obtain it. * An Example - There are tw
what do you understand by demographic window acess by india
who proposed the law of chemical combinations?
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. It originated from countries with highly sophisticated fin
Dividend The distribution of an organizations earnings to its owners-the stockholders. Cash dividends are most ordinary, although partition can be issued in other forms, such
Mercantilism:It is an economic theory from pre-capitalist times which held that a country's prosperity depended on its ability to produce large and persistent surpluses in its fore
What is the impact of microeconomics on economy?
demand elasticity
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