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An appreciation causes a currency to become worth more against other currencies. Using a whiteboard - draw a diagram of a supply/demand exchange rate curves, showing that demand needs to increase and/or s...
Perfect competition is a market structure containing many sellers, all selling all selling almost identical products, such as vegetables like corn to buyers. monopolistic competition is a market structure...
Merit goods are goods that are under-consumed. They provide positive externalities and so the social benefit from consumption outweighs the private benefit. Market failure occurs when merit goods are unde...
We should start by understanding what marginal revenue and marginal costs are. The marginal revenue is simply the marginal change in revenue after a rise in quantity (fall in price), we can think of it as...
Define key terms: Expansionary - Used in deflationary gap to cause AD to shift right an stimulate economic growth (accelerator) and Fiscal - A set of government policies that increase the quantity and qua...
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