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Disadvantages of the Planned System The centrally planned economies suffer from the following limitations: Lack of choice: Consumers have little influence over what is p
In the long run, because of the assumption of free entry and exit of the firms, it's not possible for the firms to make super-normal profits nor it is possible for them to incur lo
Define Williamson''s Model of Managerial Discretion practice?
Definition of Elasticity Is defined as the ratio of the relative change of one (dependent) variable to changes in another (independent) variable, or it's a percentage change o
What is optimal output rule? Optimal output rule: According to the optimal output rule, describe that profit is maximized through producing the quantity of output at that th
demand for sting ray
1
explain the managerial economics
distinguish between industry demand and firm demand..
The gap between theory and practise and the role of managerial economics: We have noted above that application of theories to the process of business decision making contributes a
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