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Problem 1 : (a) What are the main assumptions behind the macroeconomic theory of New Classical Economists? (b) Describe the Lucas Supply function and explain its policy imp
The role of trade union to improve the lot of the workers is also important when there prevails the conditions of Monopsonisitc discrimination is said to prevail when the monopsoni
diffence b/n fixed and variable input
Meaning of absolute cost difference and comparative cost difference.
advantages and disadvantages
The reason that an entrepreneur supposes the risk of starting a business is to earn profits. The fundamental assumption in the theory of production is that a rational owner of a b
Explain how consumers might benefit from the existence of monopolies. While the standard issue of monopolies having higher prices and lower output that competitive markets migh
Which of the following industries do you think are likely to exhibit large economies of scale? Explain why in each case. a. House building b. Electricity generation c. Market ga
what is marginal cost
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
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