Describe double coincidence of wants
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
What was rightward shift of PPC point out? Answer: It points out growth of the resources.
What happens in the product markets?
Illustrate Measuring unemployment?
When, in a perfectly competitive industry, where the market price facing a firm is above its average total cost on the output here marginal revenue equivalents marginal cost, in that
Briefly describe the term explicit cost and implicit cost?
Explain the statements: The market system provides such a variety of desired goods and services precisely.
The price of KnickKnacks is $1 and the price of WigWags has increased with $2 to $3. Therefore: (w) absolute price of KnickKnacks has decreased and the relative price of WigWags has increased. (x) relative and absolute prices of KnickKnacks have
Use the circular flow model to confirm this assertion for the levying of a tax on air polluters?
Industries that are described as "contestable": (w) will experience long-run economic profits equal to zero. (x) are difficult for firms to enter, but not to exit. (y) are difficult for firms to exit, but not to enter. (z) will charge prices greater t
Explain the statement: “Good economic policy requires good economic theory.”?
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