One of the important concepts for understanding cities is “path dependency.” Which of the following best represents the concept of path dependency?   a.  Highways have become necessary for the export and import of goods to cities. b.  Many things that happen in the present are determined by things that happened in the past c. The location of a firm depends upon whether procurement costs or distribution costs are greater   d. Commuters get used to traveling the same way to work

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.