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The demand of an individual consumer indicates the various quantities of a good (or service) the consumer is willing and able to buy at different possible prices during a particular time period, ceteris p...
3rd degree price discrimination is when a firm charges different prices to different groups of consumers. This is done in order to maximise revenue by charging a higher price to consumers who are willing ...
Monetary policy is the use of the interest rates to influence aggregate demand and therefore influence GDP. Interest rates are the rates at which borrowers are charged or lenders paid for their loan, the...
It involves choosing more of one and less than another, or choosing something instead of another.This means that 2 options are compared against each other in a scenario to find an optimum that will meet t...
On the x-axis we have quantity, on the y-axis (instead of price) we have costs/benefits. For an externality in consumption (positive or negative) the "supply line" is always labelled as marginal...
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