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Market equilibrium happens where supply equals demand (supply curve intersects demand curve). An equilibrium implies that there is no force that will cause further changes in pri
Define law of supply. Quantity supplied rises as price raises, other things constant. In other words, "Other things being equivalent, when the price of a product rises, then s
what is pure competition markets?
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
Explain how unemployment could be voluntary or involuntary . Start off with a definition of the labour force and then outline the proportion of the labour force which would be
Market failures (even when they do not have international external effects) i) Self-fulfilling bank runs, government debt runs, currency crises. ii) Liquidation costs of li
is economics a positive science
criticism of cournot model
waht are the characteristics of perfect competetion market
Question 1: The price of the good X rises from $1.30 to $1.40. Calculate the price elasticity of demand by using the mid-point method. Question 2: How do you explain the answer
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