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Demand is the willingness or ability of a consumer to purchase something, at a certain price, at a certain time.

Cannabis is a demerit good, which is defined as goods that are socially undesirable and have negative externalities; therefore the MPB of consumption is greater than the MSB. In a free ma...

Unlike part (a) questions which are weighed at 10 marks, and tests your knowledge and understanding, application and analysis, and your selection, use appropriate skills and techniques. P...

Direct taxes are taxes imposed on people's income or wealth, and on firms' profits.

Indirect taxes are also known as expenditure taxes, and are taxes consumers pay to a seller by buying the good an...

Assuming that all the goods in the market are identical, thus sold for the same price, that the information is freely accessible to everyone and that every other factor, a part from supply and demand, rem...