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Gaurav Seth 7 years ago
A government budget is an annual financial statement presenting the revenues and spending for a financial year that is often passed by the legislature, approved by the chief executive or president and presented by the Finance Minister to the nation.
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Yogita Ingle 7 years ago
AR curve slope downward in a market in which firm can sell more only by lowering price.
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Gaurav Seth 7 years ago
Returns to Scale:
It refers to change in physical output of a good on account of increase in all inputs required to produce a good simultaneously in the same proportion. This is a long-term phenomenon.
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Muskan Gupta 7 years ago
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Yogita Ingle 7 years ago
Because in a situation of full employment of resources, production of one good can be increased only with sacrifice of some quantity of other good.
If the PPF is a STRAIGHT LINE as shown in the first graph, then the slope is CONSTANT. This means the opportunity cost is also CONSTANT. In real life, the PPF will NOT be linear; it will be a downward sloping curve because of the law of diminishing marginal returns.
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Monica Krmdb 7 years ago
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