CAT Questions

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The long-run aggregate supply curve is vertical because it is at the full-employment or potential output. Because the economy's potential output is determined by the availability and productivity of real resources, not by the price level. That means that even if demand increases, firms can't hire new workers and expand because everyone is already working.

The word politics determines who will benefit from, and who will pay for, public policies.

The Rule of Law states that a principle of governance in which all persons, institutions and entities, public and private, including the State itself, are accountable to laws that are publicly promulgated, equally enforced and independently adjudicated, and which are consistent with international human rights norms and standards.

The Supreme Court of India, the highest court in the Republic of India. There are currently 25 judges (including Chief Justice of India) against a maximum possible strength of 31. As per the Constitution of India, judges of the Supreme Court retire at age 65.

Justice Dipak Misra, from Odisha is the current and 45th head.

Product costs are also called Inventoriable Costs, since the product costs are used to value their goods in inventory.