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Short-run growth is simply an increase in a country's 'gross domestic product' or 'GDP', whereas long-run growth is an increase in the country's productive capacity. When thinking in terms of an ...

With any situation, it will either affect demand or supply. The factors affecting demand include income levels, consumer tastes and preferences, substitutes/complements and expectations. The factors affec...

First, define some termsMonopoly: when there is only one firm in the entire marketPerfect Competition: when there are many buyers and sellers in the marketThen, answer the question by describing the pros ...

Price discrimination occurs when a firm, with monopoly power, charges different prices to different people for the same product, due to reasons other than cost difference. It relies on various conditions ...

What is the relationship between price and quantity demanded for a certain good X? PED can help us solve this question. The price elasticity of demand is calculated as the "percentage change in quant...