Type of model used by economists
Which type of model is used by the economists to analyze competitive market?
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Economists employ the model of supply and demand to analyze competitive markets. In competitive market, there are numerous buyers and sellers, each of whom has little or no persuade on the market price.
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Describe the causes of Increase in demand?Answer: 1) Increase in income of the consumer.2) Price of substitute goods increase.3)
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