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Describe the role of money in a modern economic system. Does this simplify or complicate matters? Explain.
subsitution effect dominate tha income effect in which good case?
How would the price mechanism decide resource allocation in a competitive (free) market? The main issue it to explain how the price mechanism has a signalling, rationing and ince
Time is a significant determinant of price elasticity. If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to ac
how a firm will choose its optimal inputs, isocosts and isoquants explanation
Define the term Entrepreneurship Entrepreneurship : An entrepreneur is an individual who takes risks and organises the factors of production to make a product and therefore
the general characterictics of economic models,its limitations and verification
Q. What is Corporation? A corporation is a form of business established as an independent legal entity, separate from individuals who own it. A main benefit, for owners, of thi
Measures to control inflation: Fiscal policy is one of the two main macroeconomic policies used to control aggregate demand and thereby achieve economic stability. Fiscal meas
Suppose that doctors shift away from a fee-per-visit system and are instead paid set annual salaries. What effect will this have on the supply and demand situation for the health
When is the price of a product demand determined? The price of a product is demand defined while the product is in fixed supply. This means that the price of the product is defin
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