Quick Revision Quiz
Draw a Supply curve with Inelastic PES
With a linear demand curve, the section with low price and high quantity (the seciton after the mid-point) will have _________ PED.
What are the objectives of firms in a market? (generally)
Use an AD/AS diagram to explain how a DEPRECIATION in a currency will change GDP growth, unemployment, and inflation as a result of AD shifting right.
Explain the process by which a firm moves from the SR to LR in perfect competition
Define the term: Consumption
State what is meant by Diminishing Marginal Utility
Why does minimum wage not cause unemployment to jobs with inelastic labour demand?
Who Supplies labour in a labour market?
What is meant by Geographical Flexibility?