The textile industry is composed of a large number of small files. In recent years, these firms have suffered economic losses, and many sellers have left the industry. Economic theory suggests that these conditions will

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braydonharris3916 braydonharris3916

22-07-2022
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The textile industry is composed of a large number of small files. In recent years, these firms have suffered economic losses, and many sellers have left the industry. Economic theory suggests that these conditions will

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tutorconsortium203 tutorconsortium203 · Answer 1 · 2022-07-28T22:17:21+02:00

The textile industry is composed of a large number of small files. In recent years, these firms have suffered economic losses, and many sellers have left the industry. Economic theory suggests that these conditions will "shift the market supply left and the price of textiles will rise".

What is economic theory?

An economic theory is a body of concepts and precepts that describes how various economies operate. An economist may use theories in many ways depending on their specific function.

The purpose of economic theory are-

Its goal is to examine and clarify how various economic factors behave.
Positive theory and welfare theory are the two main divisions in the body of economic theory.
Positive theory makes an effort to examine how the economy functions without taking ultimate goals or the desirability of its outcomes into account.
The main focus of welfare theory is to assess the economic system in light of moral objectives that are independent of economic analysis.

To know more about the economic theory, here

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