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Individual Demand Substitutes and Complements 1) The two goods are considered substitutes if an increase (decrease) in price of one lead to an increase (decrease) in quant
characteristic of duopoly
THEORY OF CUSTOMS UNION: A customs union is an association of two or more countries to encourage trade. The countries making such an arrangement agree to eliminate tariffs and
draw a PPF when a hurricane slows down the nest two months of butter production?
Using the Wage Rate and Output per Hour as indicated on the table below, calculate the output per dollar wage and unit labor cost. Then decide on the optimal wage rate for this c
Ask question using health care as an example explain how markets fail due to different types of externalities arising from jointness in production and consumption
Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
the prevalence of excess capacity is the direct consequence of the existence of monopolistic competition
discuss utility
Is economics an art or a science
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