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Explain the term Laissez-Faire
The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector to organise most economic activity by markets. Classical economists were great advocates of a laissez-faire system with minimal government intervention. They believed free markets were the best organisers of economic activity
When should a firm shut down production in the short run?
The compact disk player has literally revolutionized the recording industry with its state-of-the-artclarity, sound, durability, and the fact that it costs less than cassette tape
what is the meaning of total revenue?
What is Game Theory? Game Theory is a mathematical method of decision-making in which a competitive situation is examined to verify the optimal course of action for an interes
illustrate and discuss implications of various market structure(non competitive and competitive) for price determination
Question 1: i) Elaborate on how CPI is used to calculate inflation and what are the limitations of such a measure? ii) Growth is always beneficial. Discuss iii) Explain
if the inverse demand curve is p = 120 - Q and the marginal cost is constant at 10, how does charging the monopoly optimum and the welfare of consumers, the monopoly, and society?
Aggregate Supply When referred to in the circumstance of GNP or GDP, aggregate supply refers to the labor and capital needs to proceeds the level of products and services need
How the inflation effect on the Import and Export of the country? When general price level enhances in an economy, local currency is devalued. Economy has to spend more on imp
Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest
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