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Advantages of Planned System
i) Uses of resources: Central planning can lead to the full use of all the factors of production, so reducing or ending unemployment.
ii Large scale production: Economies of scale become possible due to mass production taking place.
iii. Public services: "Natural monopolies" such as the supply of domestic power or defence can be provided efficiently through central planning.
iv) Basic services: There is less concentration on making luxuries for those who can afford them and greater emphasis on providing a range of goods and services for all the population.
v) There are less dramatic differences in wealth and income distribution than in market economy
production function
Assumptions of Monopolistic Competition Monopolistic competition as the name implies, combines features from both perfect competition and monopoly. It has the following featu
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