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The graphs I made unfortunately aren't copy/pasting here unfortunately but I can redraw them on the whiteboard. Income tax is a tax levied on consumer income, collected by the government. Aggregate demand...

An example introduction to an essay question would be: Under perfect competiton we make the follwing assumptions: Homogoenous products. There are many buyers and sellers and each one is so small that no i...

Externalities are effects that occur, due to a transaction, on third parties (people who were not involved in the original transaction). Hence, positive externalities of consumption are produced when the ...

There are a few reasons for which monopolies are, in certain cases, both desirable and beneficial. The first case to consider is that of a natural monopoly, which benefits from Economies of Scale (show th...

The concept of scarcity acknowledges that resources in an economy are finite to produce a certain number of goods and services but that individuals needs and wants are unlimited. This results in economic ...