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surpluses drives price down,shortages drive up
Distinguish between Individual as well a market demand?
Opportunity Cost:Whenever you select a particular alternative, the next best alternative should be given up. For illustration, when you desire to watch cricket highlights in T.V., you should
Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.
Adam Smith attributed unpredictable and frequent fluctuations within profits to: (i) variations in the prices of the goods a firm or person produces and sells. (ii) the bad or good fortune of rivals. (iii) the good or bad fortune of customers. (iv) tr
Explain the statements: Entrepreneurs and business are at the helm of the economy.
What are the Examples and Applications of International Trade?
Explain the cause of Trade barriers?
This is difficult for firms within highly competitive markets to exploit consumers since: (i) consumer advocates organize boycotts that generate bad publicity. (ii) market pressures force fair distributions of products. (iii) the government sets price
How the government can increase the overall effectiveness of the market system?
When the production possibilities frontier in a proficient economy is not growing, raising the output of one good always needs: (i) Increasing the output price for the other good. (ii) Bigger amounts of resources. (iii) Decreasing the output of other
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