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Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North Korea's production possibilities (per person) to be smaller than those of Australia? What are the economic institutions that help the Australian economy achieve allocative efficiency that North Korea might lack?
It is clear that monopsony in the labor market is not steady with allocative efficiency and has the effect of withholding significant amounts the employees' MRP from them, that bec
what are the recommendations for effective economic planning?
illustrate and explain using diagrams how a single seller within the market can maintain an inefficient allocation of resourcesquestion #Minimum 100 words accepted#
Determine the Cost Efficient Levels of Emissions Reduction Two firms produce a pollutant called Q. The total cost of reducing emissions of Q are as follows for Firm 1 and Fir
What factors shift the Aggregate demand curve to right and what factors shift the AD curve to left? AD shifts to the right when any component of AD enhances autonomously; e.g
Determinants of the price elasticity of demand are explained below: 1. Number of close substitutes present within the market - The more and closer substitutes available in the
Private and Social Benefits Private benefits are those which accrue to an individual. They may be both monetary and non monetary, direct and indirect. Earnings of an individua
I have an article about 40 pages long that''s needs to be read and then a discussion question. The post has to be 35-40 lines. I will have to send/ attach the article
An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resou
Reasons for International Trade?
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