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Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this economy. This is due to the cost of production for the last unit of production is what shows supply, and that cost of production includes only the engineering costs. Though, this result is obtained only if all industries in that economic system are purely competitive. This is the contribution of the models of distribution formed by economists working in the marginalists traditions. The problem is that this is economic theory that is not essentially supported by empirical evidence.
Analyse the strengths and weaknesses of GDP as a measurement. Answer Strengths of GDP as a measurement 1) It helps in making international comparison among different
Imagine a country where plane and train services between two main cities are both provided by private companies, and, from a consumer perspective these services are viewed as subst
How economic theory explain optimum pattern of consumption for an individual consumer
Types of externalities
Public-Private Partnerships (PPPs):A form of financing public investment and sometimes the direct provision of public services, in that finance is provided by private investors (in
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how do I determine the profit-maximizing quantity of a firm for different market prices when only given TFC, TVC, and the market price
Wage Labour: A form of work in that employees perform labour for others, under their direction, in return for salaries orwages. Employer controls and owns the product of the labour
A firm in a perfectly competitive product market takes the price of the product as given. Similarly, a firm in a perfectly competitive factor market takes the price of the factor
importance of monopolistc competition in Indian market.
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