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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.
How is consumer utility calculated?
what is non- collusioligopoly and how its price and output is determined
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using necessary and sufficient condition explain consumer surplus diagrammically and mathematically?
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