Allocation of a countrys resources to the price mechanism, Microeconomics

Assignment Help:

What are the advantages of leaving the allocation of a countrys resources to the price mechanism?

Ans) The main conditions needed are:

1. Either a finite number of agents or products.

2. No externalities - That is, the consumption of single person should not harm or advantage anyone else.

3. No matter how much a person is consuming, they must be able to be made slightly happier by intense a bit more of something.


Related Discussions:- Allocation of a countrys resources to the price mechanism

Economics, #question.what is meant by ppc?illustrate the central problems o...

#question.what is meant by ppc?illustrate the central problems of aneconomy with this curve.

Price elasticity of demand and of supply, List and describe the determinant...

List and describe the determinants of the price elasticity of demand and of supply.

POLICY FAILURE, GROWTH OF EMPLOYMENT OPPORTUNITIES: Policy failure ref...

GROWTH OF EMPLOYMENT OPPORTUNITIES: Policy failure refers to situations:   i) When the objectives of public policy are attained partially or inadequately or in a distorted

Magnitude of total surplus, Answer the following questions based on the gra...

Answer the following questions based on the graph that represents J.R.'s demand for ribs per week at Judy's Rib Shack. a.  How high must the price of ribs be for Judy to supply

What do you meant by financialization, Q. What do you meant by Financializa...

Q. What do you meant by Financialization? Financialization: The trend under neoliberalism through that real production in the economy is accompanied by an increasing degree of

Why it is difficult to achieve macro objectives, Why is it so difficult for...

Why is it so difficult for government to achieve all macro objectives simultaneously? Specifically showing possible trade-offs i.e. a) Stimulatory policies which enhance AD

Proportion of workers, Proportion of Workers in Organised and Unorganised W...

Proportion of Workers in Organised and Unorganised Workers: Increasing share of employment in unorganised sector reflect the deterioration in the quality of employment because

How ped and pes of commodities affect producers, How does the PED and PES o...

How does the PED and PES of commodities affect producers in developing countries? Explanation of PED (formulaic) Definition of PED outlining commodities as having lo

The demand for big macs, illustrate and explain the changing demand gor big...

illustrate and explain the changing demand gor big Mac using the indifference curves and budget line

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd