Allocation of country resources to the price mechanism, Business Management

What are the benefits of leaving the allocation of country resources to the price mechanism?

Ans) The main conditions needed are:

1. Either a finite number of agents or goods.

2. No externalities - That is, the consumption of one person should not harm or advantage anyone else.

3. No matter how much a one is consuming, they must be capable to be made slightly happier by consuming a bit more of something.

 

Posted Date: 4/1/2013 1:50:51 AM | Location : United States







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