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Identify the four institutional requirements of markets.
The four institutional needs of markets are:
Pprivate property,
Social institutions of trust,
Good physical infrastructure and
Money.
Selecting Output in Short Run * We will combine production and cost analysis with demand to determine output and profitability. A Competitive Firm Making Positive Profit
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Explain the roles of economics theory. Roles of Economic Theory An economic theory has three probable roles: a. This can be used to describe economic behavior and economi
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