Examlex
Is a congested nontoll road excludable? Is it rival in consumption? How do we classify a congested nontoll road in terms of the four types of goods?
Short Run
A period in economics where the quantities of some inputs or resources cannot be changed.
Unemployment
A situation where individuals who are capable of working and willing to work at prevailing wage rates cannot find employment.
Inflation
Inflation is the rate at which the general level of prices for goods and services is rising, subsequently eroding purchasing power.
Friedman
Refers to Milton Friedman, a prominent economist known for his work on monetarism, advocating for free markets and a limited role of government in the economy.
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