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A downwards sloping demand curve in a supply and demand diagram for micro-economics sits on a X axis named quantity and Y axis named price. The demand curve is linear and slops downwards start from Q=0 an...
Definition of:Long-term economic growth - the sustained increase in output in an economy measured by an increase in real GDP over a period of timeFiscal policy - it is the use of government expenditure an...
In economics goods/services usually have either elastic or inelastic elasticities of demand. Elastic demand means that a change in price results in a proportionally larger change in quantity demanded, whi...
The first thing to do in this question is to make sure to define the terms. A negative externality is the negative unintended spill-over effects of an economic activity. In this case, when the factory pro...
Initially the economy is in equilibrium where AD=SRAS and real output y1 is produced at P. A deflationary gap is when potential output is below real output so as this is the case we have a deflationary ga...
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