Documents 4.1 The Price System The market system, also called the price system, performs two important and...

Slide 14.1 The Price System The market system, also called the price system, performs two important and closely related functions: Price Rationing Resource Allocation Price…

Documents Demand Elasticity

INTRODUCTION Demand is desire backed by willingness to pay and ability to pay i.e. a wish to have a commodity does not become demand. A person wishing to have a commodity…