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How would the price mechanism decide resource allocation in a competitive (free) market? The main issue it to explain how the price mechanism has a signalling, rationing and ince
How we constract the cost structure of firms
if the marginal production of labor is rising, is the marginal cost of production rising or falling? Briefly explain
explain two theories of economic rent
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illustrate and discuss the implications of various market structures (competitive and non competitive) for price determination
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What does the basic neoclassical, or traditional, model of economics assume about markets? It supposes that markets are perfectly competitive and smoothly functioning, and thos
Define the term Entrepreneurship Entrepreneurship : An entrepreneur is an individual who takes risks and organises the factors of production to make a product and therefore
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