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what are the criticisms of modern theory of rent?
Explain the factors influencing the value of PED and yED. PED and YED should be explained and then dealt with in terms of determinants. PED is dependent on availability/closene
Equilibrium is explained as follows: Equilibrium is the state in which there are no shortages and surpluses; or we can say that the quantity demanded is equal to the quantity s
1. What is a resource market? 2. Describe resource demand and resource supply. 3. Define derived demand. 4. Describe the resource market demand and supply curve. 5. Define a te
15 and 16
Model in economics is the permanent income hypothesis, which basically states that a household''s expenditures will not react to a change in income unless that change in income is
REAL VERSUS NOMINAL PRICES • Nominal price is a complete or current dollar price of a good or service when it is sold. • Real price is the price related to a combined me
criticisms of monopolistic competition
discuss the implications of various market structures(competitive and non-competitive) for price determination
critical of comparative advantage theory
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