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Explain the term economic efficiency?
Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and services. When economy is producing its needed amount of goods and services by utilizing all of its resources, then the economy is considered to be an efficient economy.
Q. What is Monetarism? Monetarism:Monetarism was a right-wing economic theory (associated with work of Milton Friedman, in particular) which believed that inflation could be co
explain the theory of consumer behavior from the utility perspective
How to find quantity supplied given just the price
Q. Strength of the multiplier in microeconomics? Multiplier: An initial stimulus to spending (in form of new consumer, business or government purchases) generally results in a
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There are two individuals in town, one is high risk and the other is low risk. 1 The probabilities of having an accident for the low risk individual and high risk individual are p
Change in demand: change in quantity demanded occurs when the consumption of a commodity increases or decreases as a result a change in the price of the commodity, when all ot
The Efficiency of a Competitive Market *? When an competitive markets generate an inefficient allocation of the resources or market failure? 1) Externalities Costs
Problem: "Mauritius offers an interesting case study of successful trade liberalization and export-led development in Sub-Saharan Africa. This is a notable achievement given t
who proposed the law of chemical combinations?
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