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NETWORK EXTERNALITIES
Till this point we have assumed that people's demands for good are independent of each other.
Actually, a person's demand can be affected by the number of other people who have purchased that good.
If this is the case, a network exists externality.
Network externalities can be negative or positive.
A positive network exists externality if the quantity of a good demanded by a consumer increases in response to an increase in the purchases by other consumers.
Negative network externalities are the opposite of it.
State trading is often associated with canalisation. Canalisation means estaolishment of state monomply in foreign trade. In other words, an item that is canalised can be imported
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SUMMARY OF THEORY OF PRODUCTION
two countries workland and playland have similar population and identical production possibilities curves but diffrefences . the procuction possibilities combination are as follows
Explain the effect of increased money supply on bond prices
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law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?
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Discuss how the opportunity cost principle influence a supplier''s decision to supply labour
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