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Unemployment Rate
A measure of labor force utilization the unemployment rate is equal to the number of people which is unemployed as a percentage of the total labor force.
define law of demand
i) Two firms, A and B, are operating in a UK textile industry under duopolistic condition and choose to either produce at "High" price or a "Low" price. Suppose you are the man
how does the charging the monoply a specific tax per unit affect the monopoly optmum and 5the welfare of consumer
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
Question 1: (a) Clearly illustrate the features of a perfectly competitive firm. (b) How would the same industry change if it were organized first as a competitive industr
The Standard Indifference Curve Diagram. The standard model of labour leisure choice does not distinguish between females and males. It is a unisex model. The vertical axis gives
FIXED EXCHANGE RATE SYSTEM: National currencies are generally acceptable within the geographical boundaries of a country. As such, trade between countries typically involves
Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North K
What is the difference between 'concept' and 'assumption'? These two terms are very dissimilar. The term 'concept' refers to an idea or abstract principle. For instances, forc
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