Question
Increase in absolute and per capita real GNP do not
connote a higher level of economic development, if?Solution
Increasing poverty and unemployment reflect that the fruits of growth in Real GNP have not adequately spread to all. While economic growth is happening for the nation in general a section of people is left behind hence a higher level of economic development is not taking place in the country.
If the firms under perfect competition have different costs, abnormal profits can be earned in the long run only by
A firm maximizes its profit when
Concept of 'Consumer's Surplus' was evolved by
The goods whose demand is not tied with the demand for some other goods are said to haveÂ
Â
The above curve is a
Diamond-water paradox establishes the fact that
A rightward shift in supply curve indicates
The positive cross elasticity of demand between two products means the two products
Economics of scale means
Market demand for any good is a function of the