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Why do the inclusion of opportunity costs in cost-and-supply analyses help individuals make better decisions and improve outcomes?
Profit maximiZation is theoretically the most sound but practically unattainable objective of business finns. Do you agree this statement? If agree give
Using Factor Incomes for Calculating National Income A second method is to sum up all the incomes to individuals in the form of wages, rents, interests and profits t
(i) Do the laws of economics still work today? (use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can sh
What are terms included in oligopoly? Oligopoly includes: • The meaning of oligopoly, and why it arises • Collusion • Game theory, particularly the concept of the pris
Advantages of a Free Market System Incentive: People are encouraged to work hard because opportunities exist for individuals to accumulate high levels of wealth. Choice
d/f b/w MRTS and MRS
Explain the role scarcity of resources plays in economics decision making
Interest and the Keynesian Liquidity Preference Theory Interest is a factor income in that it is considered to be payment to or return on capital in the sense that it is payme
the overall idea of market segmentation
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