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When is the economic theory useless?
One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they think assumptions imposed into the theory are unrealistic. Actually, no theory, whether in physics, economics or any other science, is completely accurate. The validity of a theory based on whether or not this succeeds in explaining and predicting the set of phenomena which this is intended to describe and predict. Therefore theories are incessantly tested against observations. Like a result of this testing, they are frequently modified, refined, and even discarded.
Why total product continues to increase despite a decrease in the marginal product?
what are the recommendations for effective economic planning?
Development: Economic development is the process through that a country's economy expands and improves in both qualitative and quantitative terms. Economic development requires co
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CRITIQUE OF ECONOMIC REFORMS: The critique of economic reforms should consider the actual growth rate achieved, its impact on employment and poverty reduction, its impact on l
suppose ismail were to eat five pizzas per week.what is the total value ismail would place on his five weekly pizzas?
Theory of Oligopoly: Oligopoly is that situation where the number of firms in the market is large but not as large as in the case of perfect competition so that it is possible for
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