Examlex
An inferior good is one for which the substitution effect is relatively large.
Laissez-Faire Economy
An economic system where transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.
Laissez-Faire Capitalism
An economic system where private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.
Market System
This system of economy relies on supply and demand to guide decisions about investments, production levels, and the distribution mechanism, with the cost of goods and services being determined in an unregulated pricing system.
Self-Interest
The pursuit of personal advantage or gain, which can motivate individuals to act in ways that benefit them.
Q13: When inflation causes the absolute prices of
Q14: In both the short-run and the long-run,a
Q16: A new licensing fee would cause an
Q19: The supply curve for a commodity will
Q36: An excise tax will increase the deadweight
Q37: A rise in supply is illustrated by
Q38: Define the term deadweight loss.Will there be
Q50: Define the term rent.Explain why confiscation of
Q57: Suppose a price index is formed to
Q69: A Laspeyres price index is based on