Get Started with ixamBee
Start learning 50% faster. Sign in now
Adam Smith points out that practical things that we use every day often have little or no value in exchange. Things like cups, utensils, socks, and water are a few examples. On the other hand, things that often have the greatest value in the market have little or no practical use. This is because of marginal utility and scarcity . There is plenty of water in most parts of the world (not scarce), which means that, as consumers, we usually have a low marginal utility for water. In a typical situation, we aren't willing to pay a lot of money for one more drink of water. Diamonds, however, are scarce. Because they are harder to find and attain, our marginal utility (additional satisfaction), for adding a diamond to our collection is much higher than someone offering us one more drink of water.
Two people enter a bus. Two adjacent cramped seats are free. Each person must decide whether to sit or stand. Sitting alone is more comfortable than sit...
Which of the following statements are correct about trilemma in monetary policy
A. It is related to closed economy model.
B. It involves...
Suppose we regress the dependent variableyon four independent variablesx1,x2,x3, andx4. After running the regression onn= 16 observations, we have the f...
Two people enter a bus. Two adjacent cramped seats are free. Each person must decide whether to sit or stand. Sitting alone is more comfortable than sit...
A firm should increase investment when :
In the context of India's demographic transition, which year is known as the "Year of the Great Divide"?
Jammu and Kashmir FRBM Act, 2006 has been passed as per the recommendation of_______.
Which of the following leads to an outward shift in the supply curve
Which of the following is an INCORRECT match in the context of economics?
(i) Study of an individual firm an industry - macro economics
<...________ was an important growth strategy adopted by India prior to 1991.
