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The Efficiency of a Competitive Market
*? When an competitive markets generate an inefficient allocation of the resources or market failure?
1) Externalities
2) Lack of Information
*? Government intervention in these markets increase efficiency.
*? Government intervention without market failure creates inefficiency or the deadweight loss.
Production possibility frontier PPF is a combination of two or more goods a which a country can make in a given timeline or period with resource fully employed.
Risk Neutral - A person is a risk neutral if they show no preference between certain, and an uncertain income with the same expected value.
sequential game
Cost in the Long Run Cost minimization with the Varying Output Levels -A firm's expansion path shows minimum cost combinations of labor and capital at each level of output.
What are the basic economic institutions? There are two fundamental economic institutions which have been so far used into the real world are as: a. Market economic institut
1
Diversification - Assume that a firm has a choice of selling air conditioners, heaters, or both of them. - The probability of it being hot or cold is 5%. - The firm woul
Distinguish between interventionist and market-led strategies of development. Explanation of interventionist strategy; heavy government involvement in the planning of output, p
What is demographic transition In the world today not all nations have gone through their demographic transitions. Many countries today aren't rich enough to have begun populat
Discuss how the opportunity cost principle influence a supplier''s decision to supply labour
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