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Price System:
Demand is the quantity of a commodity that consumers are willing and are able to buy at a given price at a given time period when all other things remain the same. A change in any of the other determinants of demand apart from the own price of the commodity (income of consumers, prices of related commodities, consumer tasted demand and shift the demand curve. A change in own price of the commodity will cause a change in quantity demanded and produce a movement along the same demand curveSupply on the other hand is the quantity of a commodity that suppliers are willing and are able to offer for sale at a given price at a given time period when all other things remain the same. A change in any of the other supply factors apart from the market price of the commodity (prices of inputs, technology, taxes or subsidies, prices of other commodities, weather/natural phenomena and population of suppliers) will cause a change in supply and shift the supply curve. A change in market price of a commodity will cause a change in quantity supplied and produce a movement along the same supply curve. At equilibrium, the market clears. That is, quantity demanded is equal to quantity supplied. A change in demand or supply will cause the equilibrium price and quantity to change.Whenever the equilibrium price is realised to be unfairly high or low it may necessitate the setting of a price ceiling or a price ceiling or a price floor by government. Price ceiling is a legal price set below the equilibrium price.
if tc is 200 what will be marginal cost?
Production possibility frontier PPF is a combination of two or more goods a which a country can make in a given timeline or period with resource fully employed.
Assume there is a remote area in china with high population.The area is composed exclusively of apartments and is populated by low-income residents .The people tend to stay in that
what are monetry accounts?
New developments
How are consequences of economists used? Economists generally use efficiency, information, equilibrium and incentive compatibility like focal points, and examine the consequenc
This firm will maximize profits by producing the level of output that corresponds to point: a. b. c. or d. ?? Refer to Figure for a perfectly competitive firm. Given the
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Ways in which the markets fail and discuss why government intervention is justified and whether government intervention works or not.
Structural Unemployment: This is unemployment resulting from changes in the pattern of demand for goods and services or changes in technology.These changes may in turn alter
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