Indian Economy Questions

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.

A trade bloc is a type of intergovernmental agreement for a group of countries where barriers to trade are reduced or eliminated among the participating states and less competition and for economic integration.

Macroeconomics is the study of overall aggregate changes, behavior and performance of the economy of the country i.e, unemployment, GDP, inflation, etc...

The Law of Demand tells that, if the price of a product increases then the demand will go down i.e, decreases iff all other things equal.

Tax on professions cannot be levied by the union government in India.

The term market in economics refers to the place or arrangement where the buyers and sellers come to contact directly or indirectly for buying and selling goods. Market refers to not a specific or particular place it is the place for commodities..