Question
Which school of economic thought suggested
that one possible cause of inflation was a ‘push’ from the cost side?Solution
Keynesian school of economic thought suggested that one possible cause of inflation was a ‘push’ from the cost side.
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