Whether
Suppose that the government has raised $10 a per-carat tax rate, on diamonds in an effort to influence production of this particular good by each of the firms that produce it and purchased by individual consumers.
Concept Introduction:
Macro Economics:
Micro economics: The micro economics studies about the individual units in the economy like individuals, firms, institutions etc... The term micro economics means small, the micro economics deals with individual demand, individual consumption, individual supply etc. The micro economics forms the foundation for macroeconomic analysis.
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Economics Today: The Micro View, Student Value Edition (19th Edition)
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