Definition of shortage
Definition of shortage: It is a condition in which quantity demanded is more than the quantity supplied. The sellers will respond to the shortage by increasing the price of the good till the market reaches the equilibrium.
Definition of shortage: It is a condition in which quantity demanded is more than the quantity supplied.
The sellers will respond to the shortage by increasing the price of the good till the market reaches the equilibrium.
What points out revenue deficit? Answer: Revenue deficits are stated as the surplus of revenue receipts. Revenue Deficit = Revenue Expenditure - Revenue Recei
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What are the main sources of supply of foreign currencies into domestic economy? Answer: A) Foreigners purchasing home country’s goods and services via exports. B) Foreign investment in home country via
I have a problem in economics on Expanding consumption of a good. Please help me in the following question. Your consumption of a good tends to expand if it’s: (i) Relative marginal utility surpasses its relative price. (ii) Total utility is les
Why the value of MPC is not greater than 1? Answer: This is because change in consumption can never be more than change in income.
Describe why businessmen mostly wish to open current account in bank?
Determine the value of total receipts of government budget when budget deficit is Rs 2,000 crores and the net expenses is Rs 3,000 crores.
In market economies, what are the signals which guide economic decisions?
Equilibrium quantity: It is the quantity supplied and the quantity demanded at equilibrium price.
The consumer maximizes the utility whenever spending patterns causes: (i) Total outlays to increase each time prices are altered. (ii) Marginal utilities of each and every good consumed to be equivalent. (iii) Marginal utilities from the last cent spent on each and ev
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