Demand for a poorer good
Household’s demand for a poorer good tends to fall if: (1) Supplies of complementary goods increase. (2) Prices of alternate goods increase. (3) Family income rises. (4) Its own price drops/falls. Can someone help me in getting through this problem.
Household’s demand for a poorer good tends to fall if: (1) Supplies of complementary goods increase. (2) Prices of alternate goods increase. (3) Family income rises. (4) Its own price drops/falls.
Can someone help me in getting through this problem.
Price floor: Price floor refers to the lowest amount price fixed by the government over the market determined price and hence the producers of the necessary items such as wheat, rice and so on might not experience losses.
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Elucidate why are firms mutually interdependent in oligopoly market.
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