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Features of Planned Economy
The command economies relies exclusively on the state. The government will decide what is made, how it is made, how much is made and how distribution takes place. The resources - factors of production - on behalf of the producers and consumers. Price levels are not determined by the forces of supply and demand but are fixed by the government.
Although division of labour and specialisation are found, the planned economies tend to be more self-sufficient and tend to take part in less international trade than market economies.
electron control,inc.,cells voltage regulators to other manufacturers , who then customize and distribute the products to quality assurance labs for their sensitive test equipment.
howw much should the firm produce to maximize its profits
Explain a circular flow of income in a frugal econmomy with diagram
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Assignment
What are the conclusions about the cost of production and efficiency in the long-run equilibrium of a perfectly competitive industry? Three conclusions regarding the cost of pr
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
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The aim of monopolist is to maximise profit therefore; he would produce that level of output and charge that price which gives him maximum profits. He would be in equilibrium at th
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