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Define law of supply. Quantity supplied rises as price raises, other things constant. In other words, "Other things being equivalent, when the price of a product rises, then s
What two important functions are performed by the price system? (1) The price system is an automatic method for distributing goods and services. (2) The price system defines t
Money market: The money market is a market of short-term loans. It consists of financial institutions having surplus fund to lend on short-term basis, and those wishing to bor
What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p
How does the indifference curve and budget line for a neutral good look like?
homework assignments
Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
derivation of demand curve
explain the relationship between ATC,AVC and MC by using diagram
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