Little or no competition is a marketplace

Assignment Help Business Economics

Reference no: EM1321924

Q. 1.Elucidate how does self-interest help achieves society's economic goals?

2. Assume a company is producing 400 loaves of bread daily. Producing those loaves requires 5 units of labor, 7 units of land, 2 units of capital also 1 unit of entrepreneurial ability, at prices of $40, $60, $60 also $20, every unit. If the company call sell those 400 loaves at $2 every unit, will it continue to produce bread? If this situation is typical, do you think other industries will enter the marketplace? Why?

3. Why is private Property also the protection of Property rights, so critical to the success of the marketplace system?

4. Illustrate what do you think would occur when there is little or no competition is a marketplace?

Reference no: EM1321924

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