Competition and the Invisible Hand
Elucidate: Competition and the “Invisible Hand”?
Expert
A. Competition is the mechanism of control for the market system. It not only guarantees that industry responds to consumer wants, but to adopt the most efficient production techniques it also forces firms.
B. Adam Smith talked of the “invisible hand” which promotes public interest through a market system where the primary motivation is self interest. Firms will also be producing the goods and services most wanted by doing maximize profits of society.
Distinguish between a change in supply and a change in the quantity supplied?
Describe briefly Distinction between the term Component cost and Composite cost?
Describe the Slope of a nonlinear curve?
Opportunity Cost:Whenever you select a particular alternative, the next best alternative should be given up. For illustration, when you desire to watch cricket highlights in T.V., you should
Distinguish between a change in demand and a change in the quantity demanded?
Elucidate reallocation of resources?
When Gene can make three pairs of cowboy boots per week or one saddle whereas Roy can make either two pairs of boots or two saddles, Gene will form boots whereas Roy makes saddles according to the: (i) Law of Occam’s Razor. (ii) Principle of comparative advantag
Describe unequal burdens of unemployment exist?
Difference between normal goods and inferior goods. Give illustration.
Write down the importance of Earnings per share?
18,76,764
1925362 Asked
3,689
Active Tutors
1459929
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!