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An inferior good is a good whose demand decreases when consumer income rises. This means that if a person suddenly has more money to spend (perhaps because they got a raise), they will start to buy less o...

1. Creates UnemploymentIf labour markets are competitive, and trade unions are successful in pushing for higher wages, it can cause disequilibrium unemployment. Union members can benefit ...

P=5/8Q=25/4

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First we will define the key term, investment, as private companies purchasing capital- where capital is goods used for the production of goods in the future, as opposed to consumption today; for example,...