What is a surplus? What is a shortage?
What will be an ideal response?
A surplus is a situation in which the quantity supplied is greater than the quantity demanded. A shortage is a situation in which the quantity demanded is greater than the quantity supplied.
Economics
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State and explain three [or some other number chosen by the instructor] reasons why the scope for further expansion of developing country commodity exports is likely to be limited
What will be an ideal response?
Economics
A market is perfectly competitive even if firms have the ability to set their own price as long as the price difference reflects differences in the product
Indicate whether the statement is true or false
Economics