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

Microeconomics, compare the concept of MRTS with the MRS and discuss the si...

compare the concept of MRTS with the MRS and discuss the similarities and difference between them?

Equilibrium, short run equilibrium of the industry

short run equilibrium of the industry

Market structers, what are the majotr sources of monopoly

what are the majotr sources of monopoly

Determine the value of the marginal product of labor, Determine the value o...

Determine the value of the marginal product of labor. Equilibrium in the Labor Market Each firm will hire labor up to the point at that the value of the marginal product of

Homework, Do not submit more than 1 file in the Canvas submission link. A f...

Do not submit more than 1 file in the Canvas submission link. A few years ago peanut farmers in India experienced a super-bumper crop due to favorable weather conditions. Initially

Emulating the private sector, Emulating the Private Sector: The princi...

Emulating the Private Sector: The principle of corporate governance need be applied to the BW institutions. IMF The most important issue to how to reform the countries

When is the price of a product demand determined, When is the price of a pr...

When is the price of a product demand determined? The price of a product is demand defined while the product is in fixed supply. This means that the price of the product is defin

What do you mean by the utility function, What do you mean by the utility f...

What do you mean by the utility function? The Utility Function: Sometimes this is easier to work directly along with the preference relation and its connected sets. Althou

Price elasaticity, why does the quantity of education change in the privat...

why does the quantity of education change in the private universities much more responsive than salt as to changes in price?

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