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How would the price mechanism decide resource allocation in a competitive (free) market?The main issue it to explain how the price mechanism has a signalling, rationing and incentives function for the actors on a competitive market, creating equilibrium on the market and allocating resources in different markets.
why is choice inevitable in the understanding of economics science?
marries model
What is the difference between decreasing marginal returns and negative marginal returns?
Income and Substitution Effects: Normal Good * The Special Case--The Giffen Good - The income effect may be large enough theoretically to cause the demand c
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Really briefly, what are 2 methods of measuring external stability? In Australia generally.
Q. What do you meant by Multinational Corporation? Multinational Corporation: A multinational corporation (MNC) is a company that directly undertakes productive facilities or o
What is the theory of Second Best? Prove the theorem with the help of a diagram.
What simplifying assumptions does the traditional macroeconomic model make (in addition to those made in the NIPA)? The simplifying assumptions are: 1) The household and i
explain how scarcity impacts choice 2.expain the three steps process in economic analysis
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