Signals that guide economic decisions
In market economies, what are the signals which guide economic decisions?
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In market economies, prices are the signals which guide economic decisions and thus allocate scarce resources. For each and every good in the economy, the price makes sure that supply and demand are in balance. The equilibrium price then finds out how much of the good buyers chooses to buy and how much sellers select to produce.
The founder of utilitarianism be: (1) Adam Smith. (2) John Stuart Mill. (3) Jeremy Bentham. (4) Feodor Dostoyevsky. (5) Thorstein Veblen. (6) Alfred Marshall. Can someone help me in getting through this problem.
What are the Steps to analyze modifications in equilibrium?
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The consumer reaches equilibrium for any two goods X and Y whenever the: (1) MUx/Px = MUy/Py. (2) MUx/MUy = Py/Px. (3) Utility from X equivalents the utility produced by Y. (4) Point of diminishing returns is arrived at. Can someon
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‘Over the precedent 30 years, and particularly as our entry into the EU, imports (and exports) as a proportion of GDP have increases considerably in the UK. What influence has this had on the value of multiplier in the UK?’
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