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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 supp...

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 co...

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 under-c...

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 th...

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 qualit...