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QUESTION
(a) Explain the relationship between scarcity, choice and opportunity cost.
(b) What is market failure and why does it occur in an economy?
(c) Differentiate, using appropriate examples and diagrams, between fixed cost and total cost.
(d) Discuss to what extent a large firm is able to benefit from economies of scale in the television manufacturing industry.
what is production nfunction
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define scarcity and opportunity cost? what role these two concepts play in the making of decision making?
What is the Washington Consensus? The Washington Consensus is a set of polices arguments advocated through free market economists to motivate growth and it is at the heart of
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