A recessionary gap happens when an economy is falling into a recession, which is defined as a lower real level of income, as measured by real GDP, then the full-employment level. An economic recession can happen in a number of ways, including a higher nominal exchange rate, which reduces net exports and domestic income, and a large reduction in consumer expenditure or investment due to a decrease in take-home pay by workers.
Aggregate demand over the long-term equals gross domestic product (GDP) because the two metrics are calculated in the same way. GDP represents the total amount of goods and services produced in an economy while aggregate demand is the demand or desire for those goods
Answer:
limited.
Explanation:
In an oligopoly market, few firms dominate a market with many buyers. The firms may sell similar or differentiated products. The oligopoly stature is characterized by heavy advertisement to win customers. Each firm sets its price.
Because few firms dominate the market, customers do not have a wide range of variety to select from. For example, the mobile phone business is dominated by 5 to 6 companies. Customers' choices are limited to these service providers.
Answer:
he lacked the mental capacity to enter into the contract
Explanation:
In contract law, someone who lacks capacity to enter into a contract can be said to be someone who is not mentally sound, and hence, such incapacity would render whatever contract such person enters voidable. Being intoxicated is one of the factors that can render one incapable mentally, and as such cannot legally enter into a contract. If Sven wants to void the contract based on his intoxication, he will have to prove that his mental capacity to enter into the contract was impaired by the intoxication. Only then can the contract be voidable.
