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What are the basic economic institutions?
There are two fundamental economic institutions which have been so far used into the real world are as:
a. Market economic institution (i.e., the price mechanism): Many decisions on economic activities are made through individuals. It primarily decentralized decision system is the most significant economic institution discovered for reaching cooperation in between individuals and solving the conflicts which arise between them. There market economy has been proven to be only economic institution, so far, which can remain sustainable development and growth into an economy.
b. Planed economic institution: Many decisions onto economic activities are made by governments that are mostly centralized decision systems.
There are various implications of the monopoly model; many of which lead to criticisms of monopoly on issues of both technical /allocative efficiency. The prices and output verifi
how do oligopolistic market and monopolistic competition react to change in demand and supply ?
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
Determinants of Private Demand - Gender Hypothetically, let us consider a family with two children, a boy and a girl. Let it be that both of them qualify in an entrance exami
Q. Explain about Natural Monopoly? Natural Monopoly: In some industries, economies of scale are so strong that it makes most economic sense for there to be just one supplier. T
composite supply v/s joint supply
Neoliberalism So much thinking about the proper role of government in economic growth over the past 2 decades has tends to conclusions which are today known as neo-liberal. The
Cost in the Short Run Marginal Cost (or MC) is the cost of expanding output by one unit. As fixed costs have no impact on marginal cost, it can be given as: Average Total
List four characteristics of monopolistic competition
Sita expects her future earnings to be worth Rs. 100. If she falls ill, her expected future earning will be Rs. 25. There is a belief that she may fall ill with probability of , -
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