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1. Seller has ample time to adjust to price change.
2. Buyer's response to small price change is significant.
3. Buyers are faced with many options when deciding to make a purchase.
4. Sellers do not have much time to adjust to price change.
5. Buyers consider this item to be a necessity.
a. Elastic demand
b. Inelastic demand
c. Inelastic supply
d. Elastic supply
Foreign Direct Investment: It is an investment by a company (based in one country) in an actual operating business, including real physical capital assets (such asmachinery, buildi
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What is "high-powered money"? The "high-powered money" is the similar as monetary base, which is defined, at the minimum, as the sum of the currency in circulation (banknotes
in the case of a decline in velel of private investment spending, why the effect on equilibrium output exceeds the magnitude of the initial shock? also, what are the effects of th
Assume that John has the following preference relation over two goods, bread and bear (x1, x2). He strictly prefers any bundle x over y whenever x haves more bear than y, whatever
Perfectly Competitive Markets * Characteristics of Perfectly Competitive Markets 1. Price taking 2. Product homogeneity 3. Free entry and exit * Price Taking
if a commodity has limited demand , should economist say that we still have a scarcity ?
what is the explanation about supply analysis?How to understand?
Former communist economies which is, with varying degrees of enthusiasm and have embraced CAPITALISM.
Discuss how the opportunity cost principle influence a supplier''s decision to supply labour
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