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Why do some people believe that a mixed economic system solves basic economic problems?
Ans) It is due to the private sector and public sector both have a say in answering the basic economic questions, therefore, there will be a degree of high efficiency (because of the private sector involvement) and social welfare too (because of the public sector involvement).
It permits the Government to intervene when the economy faces market failure. The mixed economic system permits markets to operate freely until it fails to assign resources efficiently, after this, the government agencies, such as the EU Competition Commission, are able to correct for these failures. If this had been a totally free economic system, Government agencies would not have the means of power to be able to intervene.
Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu
What is the difference between MRTS & MRS?
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If the MU of the 1st unit consumed = 75 utils, and the TU of consuming 2 units is 130 utils, what is the marginal utility of the second unit?
If a minimum wage were imposed below the competitive equilibrium what would we expect to observe in the effected labor markets?
explain the difference between traditional theory and modern theory of cost
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what do you mean by social welfare function
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