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How can we identify that something is elastic or inelastic? When demand of any commodity does not change with the change in price of that commodity that item is said by inelas
Special Drawing Rights: SDRs are entitlement granted to member countries enabling them to draw from the IMF apart from their quota. It is similar to a bank granting a credit l
conditions for an abnormal supply curve
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
Phillips Curve and Inflation-Unemployment in policy making : In the General Theory (Keynes, 1936) we noted that the state of expectations was taken as given. There was, in ad
law of diminishing marginal utility its assumptions, limitation, and its practical importance
how can a price ceiling make consumers better-off? under what conditions might it make them worse off?
criticisms of monopolistic competition
Unemployment: Individuals who want to be employed, and are actively seeking work, but can't find a job, are considered ‘officially' unemployed. Individuals who aren't working, but
1. State of the art machines at the advanced Yamaha musical instrument plant tune the exact sound of high caliber musical instruments (vs a certain touch, and perhaps a degree of v
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