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List two advantages of markets identified by the authors of the text.
Markets can be a significant way of allocating resources. Markets include voluntary exchanges. Another benefit identified in the text is that markets encourage innovation and creativity.
Explainbainlimitpricetheory
Production without capital is hard for us even to imagine. Nature cannot furnish goods and materials to man unless he has the tools and machinery for mining farming forestry fishin
What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p
application of indifference curve analysis to the problem of exchange
why the PPC curve slopes downward?
a) Consider the following flows (in thousand of people) between the various labour market states in a particular month: UE = 240 000; UNLF = 180 000; EU = 190 000; NLFU = 220 000
how do minimum unit costs change with changes in fixed cost?
The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity. In other words, as price enhances (reduces), the qu
traditional theory of cost
what is economic model and role of assumptions in it.
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