Illustrate the characteristics of the Market System
Illustrate the characteristics of the Market System?
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Most of the private property Private individuals and firms own (land and capital):-
1. Private property, coupled with the freedom enables individuals, to discuss binding, legal contracts and businesses to acquire exploit, control and organize of this property.
2. Private property rights encourage innovation, venture, maintenance of property, exchange of assets as well as economic growth.
3. Property rights extend to intellectual property through copyrights, patents as well as trademarks.
Transaction costs tend to be decreased, prices to consumers are classically stabilized and lowered, and economy-wide efficiency is generally improved through: (1) rigid wage and price controls. (2) central planning that fosters monopo
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The advocates of laissez-faire policies favor: (i) Govt. control of economy. (ii) Public ownership of all the resources. (iii) Income to be distributed according to requirement. (iv) Surpluses in the balance of trade. (v) Minimal govt. intervention in economy.
Question: You are given the following data about two firms: FIRM A Quantity 0
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