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  • Assignment 2

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    Ritu Raj Gogoi
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    The document discusses consumer demand and the role of unions in the economy. It defines demand as consumers' willingness and ability to consume goods and explains the law of demand, where an increase in price decreases quantity demanded and vice versa. While unions aim to increase wages and benefits for workers, they do not necessarily hurt the economy overall as they can change the distribution of wages and promote economic equality.

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    The document discusses consumer demand and the role of unions in the economy. It defines demand as consumers' willingness and ability to consume goods and explains the law of demand, where an increase in price decreases quantity demanded and vice versa. While unions aim to increase wages and benefits for workers, they do not necessarily hurt the economy overall as they can change the distribution of wages and promote economic equality.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    3 views1 page

    Assignment 2

    Uploaded by

    Ritu Raj Gogoi
    The document discusses consumer demand and the role of unions in the economy. It defines demand as consumers' willingness and ability to consume goods and explains the law of demand, where an increase in price decreases quantity demanded and vice versa. While unions aim to increase wages and benefits for workers, they do not necessarily hurt the economy overall as they can change the distribution of wages and promote economic equality.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    ASSIGNMENT

    Unit II: Consumer equilibrium and demand

    1. Define demand. Explain in detail “Law of Demand”

    Answer :

    Demand in economics is defined as consumers' willingness and ability to consume a given good. An
    increase in price will decrease the quantity demanded of most goods. A decrease in price will increase
    the quantity demanded of most goods.

    The inverse relationship between price and quantity demanded of a good is known as the law of
    demand and is typically represented by a downward sloping line known as the demand curve.

    2. Do you think unions hurt the economy?

    Answer :

    No unions does not hurt the economy as the presence of unions in the economy can change
    the level and distribution of wages generally. We know that unions promote economic
    equality and build worker power, helping workers to win increases in pay, better benefits,
    and safer working conditions

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