What is an inverse relationship
Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?
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Graphs can be used to illustrate the relationship between two sets of data. When 2 variables change in opposite directions it is said to be an inverse relationship. The slope of line is decreasing. When 2 variables transform in the same direction it is said to be direct relationship. The slope of line is increasing. Statements illustrate direct relationships. Statement illustrates an inverse relationship. It assumes that everything remains equal in inverse relationship.
Compare the costing and pricing process of heterodox pricing process to the procedures utilized in neoclassical microeconomics to set prices. In what ways are heterodox prices altered from neoclassical prices?
Define the Legal forms of businesses?
Question: A country with a fixed or managed exchange rate would consider i.___________________ its currency to gain competitive advantage vis-à-vis its trade
Explain in short the functions of money? Answer: (A) Medium of exchange: Money can be employed to make payments for all transactions of services and goods.
Illustrate a fundamental characteristic of demand behavior?
with the aim of diagrams show the difference between A change in demand and A change in quantity demand
What are the benefits and costs of Marginalism?
Elucidate The General Agreement of Tariffs and Trade (GATT)?
Illustrate the advantage of corporate form of organization?
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