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Allocation Function
The shifting or reallocation of production property into or out of markets based on shifts in prices for the products or services produced in that market. If price moves in a technique that indicates an increase in requirement, more firms may try to enter that market and gives a supply to meet that requirement. Conversely, if price shifts in such a way that demand looks to be diminishing, several firms may choose to leave the market and direct their resources elsewhere.
Short run production period and long run production period: The short run is a period of production during which some factors of production are fixed and some too are variable
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the general characterictics of economic models,its limitations and verification
Explain the axioms of completeness, transitivity and non-satiation using appropriate examples.
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