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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.
The Snob Effect - If network is negative externality, a snob effect exists. * The snob effect refers to desire to own unique or exclusive goods. * The quantity demanded o
Should the bank not have anyone to lend the demand deposit to (like that will ever happen) would the size of the money multiplier decrease? If so, why?
how to make a stand based on question?
Is indian companies running arisk by not giving attention to cost cutting
Name the two actors in the basic neoclassical (or traditional microeconomic) model of economics, and identify the assumptions the model makes of these two actors. Firms and hou
Differentiate between inflation and unemployment. Inflation is an increase in the general price level that results in a decline in the purchasing power of money. In economics,
Short run equilibrium - Perfect competition: In the short-run, the perfectly competitive firm maximizes its profit by producing output where MC=MR=P. This is shown in the diag
Let {(y i ; x i ); 1 ≤ i ≤ n} be an i.i.d sequence of random variables where yi and xi satisfy the linear relationship y i = β 0 + β 1 x i + ∈ i with Cov(x i ; ∈ i ) = 0
(Cost minimization) a) What are the expressions for the marginal product of every of the two inputs in producing credit hours? b) What is the expression for the marginal r
if the inverse demand curve is p = 120 - Q and the marginal cost is constant at 10, how does charging the monopoly optimum and the welfare of consumers, the monopoly, and society?
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