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This principle is known as Gresham's Law, which states that "bad money drives out good money." In this context, when new coins with lower intrinsic value were introduced, merchants preferred to keep the older, more valuable coins, leading to a scarcity of the latter in circulation. Consequently, merchants demanded more of the new coins to equate to the same value, as the perceived worth of the older coins remained higher.
What else can I help you with?
How do you compare the product you use today to the product used by ancient people?
you should specify what product you're talking about.
Who is the creator of thoth?
Thoth is an ancient Egyptian deity, often associated with wisdom, writing, and magic. He was not created by a single individual, as he is a product of ancient Egyptian mythology and religion. Thoth is typically depicted as a man with the head of an ibis or a baboon, and he played a crucial role in various myths, including the creation of writing and the maintenance of time. His origins are intertwined with the Egyptian pantheon rather than attributed to a specific creator.
How was tax paid by farmers in Ancient Egypt used by the government?
Tax paid by farmers in Ancient Egypt was used by the government to fund various projects and services, including the construction of public infrastructure such as irrigation systems and temples, the maintenance of a standing army, and the administration of the bureaucracy. The taxes collected were also used to support the pharaoh and the royal court, as well as to finance trade expeditions and diplomatic missions. Overall, tax revenue played a crucial role in sustaining the economy and the government of Ancient Egypt.
What one product did the british finally find that the Chinese wanted?
Opium
What current day product would the 9 muses endorse?
Creativity.
Because the new coins issued in ancient Rome were worth less than the older coins merchants demanded more new coins for the same product what is the principle called?
The principle you're referring to is known as Gresham's Law, which states that "bad money drives out good." In this context, the newer coins with less intrinsic value (bad money) would circulate more widely as merchants preferred to keep the older, more valuable coins (good money) for themselves, leading to an increase in the quantity of new coins required for transactions.
Because the new coins issued in ancient rome were worth less than the older coins merchants demanded more new coins for the same product. what is this principle called?
This principle is known as Gresham's Law, which states that "bad money drives out good." When a government issues currency that is perceived to have less intrinsic value, people will tend to spend that less valuable currency while hoarding the more valuable older coins. As a result, the new coins circulate more freely, while the older, more valuable coins are kept out of circulation.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
How can one determine the elasticity of a product or service?
One can determine the elasticity of a product or service by analyzing how changes in price affect the quantity demanded. If a small change in price leads to a large change in quantity demanded, the product or service is considered elastic. If the change in price has little effect on quantity demanded, the product or service is considered inelastic.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
The quantity of a product that will be purchased at a given price is the?
quantity demanded
The merchants fit the ancient roman difinition of patrician?
The merchants did not fit into the definition of a patrician. The patricians were a landowning aristocracy. Merchants fitted into the equestrian order (ordo equite). These were bankers, moneylenders, merchants and investors in shipping and mining. This order was the second highest rank in Roman society.
If a 30 price increase for product A causes a 10 decrease in its quantity demanded but no change in the quantity demanded for product b. What is the cross price of these goods?
The cross-price elasticity of demand measures the responsiveness of the quantity demanded of one good when the price of another good changes. In this case, since the price increase of product A leads to a decrease in its quantity demanded but no change in the quantity demanded for product B, the cross-price elasticity is zero. This indicates that products A and B are independent of each other in terms of demand, meaning they are not substitutes or complements.
What is a sentence with the word product?
She sold that product in her store. Hector put more product in his hair. Morton demanded his favorite imitation cheese product. The product was on sale.
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
What is the law of the lever and who discovered it?
The law of the lever states that the product of the weight being lifted and its distance from the fulcrum is equal to the product of the force applied and its distance from the fulcrum. This principle was discovered by the ancient Greek mathematician and physicist Archimedes.
When is there a shortage in a market for a product?
Quantity demanded is less than quantity supplied.
