Mixed economic resolves essential economic problems
Why do some people think that a mixed economic system resolves essential economic problems?
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It is since both the public sector and private sector have a say in answering the essential economic questions, therefore, there will be the degree of high efficiency (because of the private sector concern) and social welfare as well (because of the public sector concern).
It provides the Government to arbitrate when the economy faces market breakdown. The mixed economic system provides markets to operate freely till it fails to assign resources efficiently, subsequent to this, the government agencies, like the EU Competition Commission, are capable to correct for such failures. If this had been a totally free economic system, Government organizations wouldn’t have the means of power to be capable to arbitrate.
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Assume that all such curves in below demonstrated graph are infinitely long straight lines. The supply curve which is perfectly price-elastic is: (1) supply curve S1. (2) supply curve S2. (3) supply curve S3. (4) suppl
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Price-takers comprise buyers or sellers who are not capable to: (w) resist monopolistic exploitation. (x) influence the prevailing market price. (y) adjust the amounts they buy or sell. (z) make short-run economic profits. Q : When is demand perfectly price inelastic Demand is perfectly price inelastic when the quantity demanded for Pixie’s cheesy fried grits is of: (w) zero. (x) P4. (y) P2. (z) More information is required. Discover Q & A Leading Solution Library Avail More Than 1415225 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1938654 Asked 3,689 Active Tutors 1415225 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
Demand is perfectly price inelastic when the quantity demanded for Pixie’s cheesy fried grits is of: (w) zero. (x) P4. (y) P2. (z) More information is required. Discover Q & A Leading Solution Library Avail More Than 1415225 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1938654 Asked 3,689 Active Tutors 1415225 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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