Explain the concept of autonomous consumption
Autonomous consumption is consumption that is not based on income. Such consumption is based on factors like real wealth, interest rates, household debt, future expectations, and tastes & preferences.
Economics
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Elaborate on your answer to the previous question by using demand curves. For which good does demand change and for which good does the quantity demanded change?
What will be an ideal response?
Economics
Monopolistically competitive firms achieve allocative efficiency but not productive efficiency
Indicate whether the statement is true or false
Economics