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Only the operating budget must be balanced in state government.

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9y ago

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How do concept such as psychological pricing and reference pricing apply to the marketing strategy?

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What of the following does not apply to a market system?

To accurately answer your question, I would need a list of specific options to determine which does not apply to a market system. Generally, a market system is characterized by voluntary exchange, competition, and price determination through supply and demand. Any concept that suggests central planning or government control over production and resource allocation would not apply to a market system.


What is inductive and normative methods?

The inductive method refers to a method whereby a new concept is given and then the learner is expected to apply the concept. The normative method on the other hand provides many examples on how a given concept is to be used.


What is the concept of unit elasticity and how does it apply in economics?

Unit elasticity is a concept in economics that describes a situation where the percentage change in quantity demanded or supplied is equal to the percentage change in price. In other words, when the price changes by a certain percentage, the quantity demanded or supplied changes by the same percentage. This means that the elasticity coefficient is equal to 1. Unit elasticity is important in economics because it indicates a balanced relationship between price and quantity, where changes in price have a proportional impact on demand or supply.


How can you apply the economic concept of opportunity cost in your life?

This is an excellent question. We dont apply, our life stands on the foundation of opportunity cost, everytime you choose one thing over the other, you do it with the opportunity cost in mind, that the loss due to giving up what you rejected will be overdone by the gain from what you choose. This is true for everything in life, buying things, loving someone, or choosing death over life.