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Explain how the price system eliminates a surplus.
The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pressure on price. Since price falls, quantity demanded rises and quantity supplied falls. This will carry on until quantity demanded is equal to quantity supplied.
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
The circular flow diagram is used to represent the interdependence that exists between sectors of the economy. The diagram illustrates that there are various collections of same e
So there''s an article about how a company wants to expand its services overseas to another country. I don''t get what will happen to the supply and demand curve. There has to be
Q1.Define law of demand. Distinguish between individual demand and market demand for Hitachi air conditioners. List the determinants of demand for the same.
compare the concept of MRTS with the MRS and discuss the similarities and difference between them?
is country beter off with ban on imports?
Type of total outlay
What are the economic implications of income inequality? How can economic theory be helpful to analyze the causes and impact of income inequality? What are the concerns and how the
#question.case study of bain limt price theory
the basic circular flow model suggests that...
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