Cchange in demand and a change in the quantity demanded
Distinguish between a change in demand and a change in the quantity demanded?
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Lead to increased demand is extra buyers, greater desire for commodity, higher incomes (assuming a normal good), lower incomes (assuming an inferior good), increased price of replacements, a decreased price of complements, and an expectation of higher future prices. As increase in demand show a shift of entire demand curve to the right. The reverse of all the above will lead to decreased demand and will show as a shift of the entire demand curve to the left.
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In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Q : Heterodox approach for more production From the heterodox approach, what options does the enterprise need to produce more output? What effect do these options put on its cost structure?
From the heterodox approach, what options does the enterprise need to produce more output? What effect do these options put on its cost structure?
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