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Minimum prices or price floors are the minimum legally allowed prices for a good set by the govenement. They are established for the benefit of producers/suppliers of essential goods such as wheat and mil...
Perfect competition is a market structure defined by several key assumptions: a large number of firms, identical (homogenous) products, no barriers to entry (free entry and exit), perfect information and ...
Price elasticity of demand or PED is a very useful concept in microeconomics. In order to understand this, lets quickly talk about what demand is. Demand in economics refers to the willingness and ability...
Both fiscal and monetary policies are demand-side policies used by authorities to either boost or decrease the aggregate demand of the economy. Aggregate demand (AD), consisted of consumption (C), investm...
The answer is a definite NO. In the IB course, the focus is really on the basic understanding of different economic theories and how they are applicable in the real world. Only if you tak...
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