Competition is the essential despot of the market economy
Evaluate and explain the statements: “Competition is the essential despot of the market economy”.
Expert
Competition provides discipline in 2 ways:
1st it pressurize firm to look for the least-cost manufacture methods or face being driven out of business by their rivals.
2nd it avoid victorious manufacturer from charging whatsoever marketplace will bear. Prices of competition kept at level anywhere total revenue production includes a profit. As in a cut-throat market situation it is hard process and difficult to accomplish the equivalent results, this shown Experience.
How did producers decide on the best combinations of resources to use? Who made these resources available, and why?
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Fixed costs and Variable cost Questions: 1: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice. Q : Comparative Advantage-Mutual exchange Mutually beneficial exchange is probable whenever relative production costs vary previous to trade, is a manner to state the law of: (1) Positive profits from trade. (2) Comparative benefit. (3) Specialization and Division. (4) Purchasing power parity
Questions: 1: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice. Q : Comparative Advantage-Mutual exchange Mutually beneficial exchange is probable whenever relative production costs vary previous to trade, is a manner to state the law of: (1) Positive profits from trade. (2) Comparative benefit. (3) Specialization and Division. (4) Purchasing power parity
Mutually beneficial exchange is probable whenever relative production costs vary previous to trade, is a manner to state the law of: (1) Positive profits from trade. (2) Comparative benefit. (3) Specialization and Division. (4) Purchasing power parity
Successful speculation tends to: (1) generate inflationary pressure. (2) assist stabilize relative prices. (3) reduce the incomes of the eventual producers of goods. (4) make relative prices more volatile. (5) increase the risk born through the eventu
The state legislature has voted to develop a grant-in-aid policy to try and induce local communities to devote more resources to improving their infrastructure. Town O = Has an operating budget of $2 million; currently spends a tot
Explain the foundation of economics where society’s material wants are unlimited?
Write short note on Demand, Supply and Equilibrium?
Explain Self-interest of the Market System?
As illustrated by Adam Smith that there are two innate psychological attributes of humans. One is which people have a powerful wish to better their individual circumstances. The other is as human beings so we are: (1) more interested
18,76,764
1954303 Asked
3,689
Active Tutors
1433094
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!