How does government solve the problem of scarcity?
The government in a command economy tries to solve the problem of scarcity by only producing the goods that they assign priority to and thus depriving the...
Why did the price of oil spike in 2008?
In June 2008 U.S. energy secretary Samuel Bodman said that insufficient oil production, not financial speculation, was driving rising crude prices. He sai...
Why are prices an efficient way to allocate resources?
The price system is the most efficient way to allocate resources. Prices do more than help individuals make decisions; they also help allocate resources b...
Is gas more expensive in poor neighborhoods?
This study uses new data on retail gasoline prices in three major U.S.cities to provide evidence on the relationship between neighborhood characteristics ...
How is the long-run average total cost curve derived?
The long-run average cost curve can be derived by identifying the factory size (or quantity of capital) that can produce each quantity of output at the lo...
What is ARP used for?
Address Resolution Protocol(ARP) is used to dynamically map layer-3 network addresses to data-link addresses. The ARP cache is vulnerable to ARP cache poi...
What is meant by an economic migrant?
An economic migrant is someone who emigrates from one region to another, including crossing international borders, seeking an improved standard of living,...
When was the gold standard adopted?
1834 The United States, though formally on a bimetallic (gold and silver) standard, switched to gold de facto in 1834 and de jure in 1900 when Congress pa...
What is it called when government spending exceeds revenue?
A budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. The government generally uses the term budget deficit...
Is there product differentiation in monopolistic competition?
In Monopolistic Competition, a buyer can get a specific type of product only from one producer. In other words, there is product differentiation. The firm...
