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Explain the term Laissez-Faire
The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector to organise most economic activity by markets. Classical economists were great advocates of a laissez-faire system with minimal government intervention. They believed free markets were the best organisers of economic activity
argument against in favour of traditonel theory profit maximisation
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ed=1 means p
differentiate between normative and positive statements in economics with the help of a statement
"Assume the local fixed telecommunications company is a monopoly. It costs the company €2 per month to give voice messages service to a customer. Elasticity of demand for voice mes
Consider an upstream firm in Russia that mines iron ore at a total cost of $15 q , where q is the number of tons of ore. This upstream firm then ships ore to Germany for processi
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Williamson’s Model of Managerial Discretion
I have some Microeconomics problem need to be solve, three Long question and 10 multiple-choice. If I give you four hours can you finish.
Measures used to restrict International Trade: These are taxes imposed on traded commodities as they cross national boarders. These are two main types of tariffs. An import ta
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