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explain how scarcity impacts choice 2.expain the three steps process in economic analysis
Are markets the best way of solving the basic economic problem? Justify your answer. The core of the economic problem ( who, what, for whom) is something all societies must add
assingnment on production cost
the prevalence of excess capacity is the direct consequence of the existence of monopolistic competition
advantage dis advantage of pure monopoly
Analyze the various ways in which property rights encourage economic development and make at least one recommendation for improving current laws. Explain your rationale.
function with equation,variable,parameter
law of diminshining marginal utility
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Market equilibrium happens where supply equals demand (supply curve intersects demand curve). An equilibrium implies that there is no force that will cause further changes in pri
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