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Technological advances now mean that firms are able to produce more. This then increases supply, shifting the supply curve on the supply and demand diagram outward (to the right). As a result of this, mar...
Opportunity cost is defined as the next best alternative forgone. This is essentially, all the other alternatives that have to be given up when you make a choice. For example, the opportunity cost of goin...
When looking at how taxes impact the demand for any product, it is important to assess how elastic/inelastic consumers are towards price changes. Taxes are a price-changing instrument, and are predominant...
Food is a necessity to which there is no substitute. As a result, more consumers will be willing to pay higher prices, meaning a change in price will not cause a proportionate change in demand
Noise pollution- Both the building of the airport and its functioning can create large amounts of noise, which can affect the quality of living of nearby residents
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