What is substitutes
Substitutes: The two goods for which a rise in the price of one good leads to a rise in the demand for another.
Illustrate whether output generated for self consumption is comprised or not comprised in the value of output? Answer: The output generated for self consumption is
Individuals maximize the satisfaction whenever the marginal utilities of all goods are: (i) Precisely proportional to the consumer’s income. (ii) Maximized. (iii) Precisely proportional to the opportunity costs of consuming them. (iv) Equivalent
What do you understand by the term Price (P) at Market in Economy?
Voluntary unemployment: It refers to a condition when person are not willing to do work at customary market wage rate, though they are receiving a work.
how many systems of note issue are there??
Describe when there will be a surplus of the good?
The economic effects of inflation are all pervasive. It affects all those who depend on the market for their livelihood. The effects of inflation may be favorable or unfavorable, and low or high depending on the rate of inflation. For example a galloping the hyper inf
Does full employment take place if AD = AS or S = I?
Can someone please help me in finding out the accurate answer from the following question. When Brussels sprouts cost $1 per pound and tofu is $2 per pound and your marginal utilities (additional jollies) from either an additional pound of tofu or an additional pound
a restrictive monetary policy is designed to shift the
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