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Monopsony:
draw the following diagrams and explain their shapes: the production possibilities frontier a demand curve the demand curve for a firm in perfect competition the demand curve for a
The distinction between supply and the quantity supplied is best made by saying that
Using tools of indifference curve, highlight on consumption in business economics.
Define Nash equilibrium
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
Explain what the phrase “price rationing” means. Price rationing is the method by which the market system assigns goods and services to consumers while quantity demanded exceeds
1. What is a resource market? 2. Describe resource demand and resource supply. 3. Define derived demand. 4. Describe the resource market demand and supply curve. 5. Define a te
This is also known as sales force Opinion Method. In this method instead of consumers the opinion of the salesmen is sought. It is sometimes referred as the grassroots approach as
Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest
The prevention of major swings in economic activity can be handled most easily by the
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