Relationship between total benefits and total costs

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Show the relationship between total benefits and total costs when a market economy is in general equilibrium. What is meant by "general equilibrium" and how is it different from "partial equilibrium"? How would you characterize capitalism? What philosophy is underpinning capitalism? Explain in some detail the MPD-KCT model as described in class. What does it mean to have a mixed economy? Of what importance is where a country is placed in the model?

Reference no: EM13998622

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