Competitive market economy will make the needed adjustments
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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They will also be able to pay higher wages and bid workers away from alternative employment. Bagel manufacturing firms will also be willing to pay higher prices for flour and other ingredients. They will be likely to buy additional capital equipment and expand their facilities. Cereal manufacturers will cut production, lay off workers and reduce purchases of materials. They may have to close facilities and offer their used capital equipment and unneeded land for sale at reduced prices.
Illustrate the supply curve and also determinants of supply?
identify the reasons for the formation of organizations
Why businesses are not really “free” to produce what they wish?
Patent rights: It is a unique license or right granted to a company or an Individual to make a specific product or utilize a specific technology.
What persuades new firms to enter in an industry? Answer: Abnormal profit encourages new firms to enter an industry.
Use the circular flow model to confirm this assertion for the construction of a new high school in Blackhawk county?
Explain how government might manipulate its expenditures and tax revenues to reduce rate of inflation?
Illustrate several theories about causation?
Normal resident: The persons or an institution who lives in a country and whose centre of interest lies in that country is termed as a normal resident of that country.
Not between concepts explained in Adam Smith’s Wealth of Nations was the conception which net benefits occur from: (1) specialization and trade according to comparative advantage. (2) the division of labor in production processes. (3) reliance o
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