Scarcity choice and opportunity cost, Microeconomics

(a) Differentiate between a  command economic system and a laissez-faire.

(b) Assess to what extent it is advantageous for an economy when it moves from a controlled to a free-enterprise system.

(c) Describe the relationship between scarcity choice and opportunity cost.

(d)  One major objective of various firms is to grow big in size.  Explain why this is so.

Posted Date: 10/21/2013 5:42:00 AM | Location : United States

Related Discussions:- Scarcity choice and opportunity cost, Assignment Help, Ask Question on Scarcity choice and opportunity cost, Get Answer, Expert's Help, Scarcity choice and opportunity cost Discussions

Write discussion on Scarcity choice and opportunity cost
Your posts are moderated
Related Questions
Explain about the duality between direct and indirect utility. Duality between Direct and Indirect Utility: While seen how one can recover an indirect utility function by ob

What are the differentiated conditions of economic issue? While discussing an economic issue, this is very important to differentiate between: (a) Two types of conditions: e

Case 1: The market for drugs Supply, demand, and equilibrium: The market for drugs. Suppose the market for drugs is a perfectly competitive market. Let the supply curve

"Consider a market with n firms occupied in Bertrand competition. These firms have in common dissimilar marginal costs but any number of them may also have equivalent marginal cost

Once the organization has decided to move forward with the development of a new or modified system, it is time to determine what tasks are necessary to move the project from initia

Project requirements: Refer to Table and answer the following questions for EACH organism listed above. Word requirements are outlined for each question - this represents a minim

explain nature of microeconomic

Problem 1: i) It has often been argued that a monopoly has both costs and benefits. Discuss. ii) Explain, using diagram the short and long equilibrium positions of a monopo

Functions and Resources of the Bank  The main functions of the Bank are as follows: •  to assist in reconstruction and development of the territories of it member-governmen