Distinguish between the laws of demand and supply. How are the laws of demand and supply illustrated graphically?
What will be an ideal response?
The law of demand states that there is an inverse relationship between the price and the quantity demanded. The law of supply demands that there is a direct relationship between the price and the quantity supplied. The demand curve is downward sloping while the supply curve is upward sloping.?
Economics
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Both the nominal rate of interest and the real return on investment increase with the inflation rate
Indicate whether the statement is true or false
Economics
What would be the consequence for the Lorenz curve is rich people use their resources more efficiently than poor people?
What will be an ideal response?
Economics