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A national minimum wage sets the minimum hourly wage rate that is acceptable by law. It is needed for a variety of reasons.
It has several advantages including reducing poverty and reducing gap bet...
Fiscal policy is the use of taxation and government spending to achieve macroeconomic objectives. Expansionary fiscal policies such as cuts in income tax will increase the disposable income of consumers, ...
The demand curve illustrates the relationship between the price of a good or service and the quantity demanded by consumers at any given price level. The demand curve has a negative gradient (downward slo...
When a firm is making a supernormal profit, this refers to a profit level at which new firms are willing to enter the market. This suggests that the firms currently in the market are making a profit level...
An elastic good is a good that has a price elasticity of demand that is greater than one. This means that the demand for the good will change significantly if the price changes. An example of such is coke...
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