Competition among buyers and sellers is a control
Illustrate Competition among buyers and sellers is a controlling mechanism?
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1. Large numbers of sellers mean that no single producer or seller can control the price or market supply.
2. Large number of buyers means that no single consumer or employer can control the price or market demand.
3. Depending upon market situation, manufacturers can enter and leave industry easily.
Briefly explain how the competitive market economy will make the needed adjustments to reestablish an efficient allocation of society’s scarce resources?
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Briefly explain the term Average cost and Marginal cost?
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