What is the difference between a necessity and a luxury?
What will be an ideal response?
Ans: A necessity is a good people will always buy, even when the price increases, while the quantity of luxuries consumers buy can easily be reduced.
Economics
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In the table above, the deadweight loss is zero when ________ umbrellas are produced and sold
A) 20 B) 40 C) 60 D) 80
Economics
According to Robert Fogel, economic growth ________ health, and health ________ economic growth
A) worsens; worsens B) worsens; improves C) improves; worsens D) improves; improves
Economics