1. This is easy answer. (i) Excess supply of a commodity existes when market price > equilibrium price

    This is easy answer. (i) Excess supply of a commodity existes when market price > equilibrium price

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  2. It is like a reward to firms to encourage research leading to discoveries. (New products and technology).

    It is like a reward to firms to encourage research leading to discoveries. (New products and technology).

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    • 3