Scarcity choice and opportunity cost, Microeconomics

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(a) Differentiate between a  command economic system and a laissez-faire.

(b) Assess to what extent it is advantageous for an economy when it moves from a controlled to a free-enterprise system.

(c) Describe the relationship between scarcity choice and opportunity cost.

(d)  One major objective of various firms is to grow big in size.  Explain why this is so.


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