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The first is in a closed economy, where there are just households and firms present and thus no exchange between the two in terms of spending and transfer of goods and services. The second is in an open e...
A decrease in supply (1) A decrease in demand (1) A reduction in overall market quantity (1) An indeterminable effect on price (1) Effect will depend upon relative size of the shifts (1) and the price ela...
A cut in income tax means that workers have more disposable income. They are likely to spend some of this rise in income, leading to more demand in the economy. Firms will raise output to meet the increas...
To begin with, the main difference between subsidies and price ceilings is that subsidies move the market equilibrium as they shift supply outwards (show on a diagram), which occurs because producers now ...
Student should realise that the flood will reduce global supply of cotton, causing the supply curve on the diagram to shift left. The market equilibrium will therefore move along the demand curve until th...
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