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(a) Explain the meaning of efficiency in economics and use a sketch diagram to illustrate its attainment by reference to the Production Possibility Curve.
(b) Refer to the concepts of allocative efficiency, productive efficiency and dynamic efficiency to explain how a perfectly competitive market allocates resources to achieve the maximum satisfaction of material wants. Use a diagram to illustrate a perfectly competitive firm's long-run equilibrium.
(c) Referring to the same three concepts of efficiency, explain why a monopoly market structure is often regarded as less efficient than a perfectly competitive market. Use a diagram to illustrate your answer.
discuss approach to organizational design
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Which of the following statements BEST describes the Metzler paradox? a. Tariffs improve the imposing nation's terms of trade. b. Export subsidies hinder the imposing nation's term
Write the compensation principal of socitovsky
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Money is generally considered to have three economic functions: A medium of exchange. This is its most significant role. Without money we would live in a barter economy wher
conditions for steady state in solow model.in what respects is golden rule different from steady state?
Q. Explain about IS-LM-model? The key difference between the IS-LM model and the cross model is that nominal interest rate is exogenous in cross model on the other handit is en
Explain about the circular-flow of economic activities. Circular-Flow of Economic Activities: Economic Agents: a. Households b. Firms Where they interact:
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