Types of market economies
What are the types of market economies?
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From my understanding, there are 4 main types of market economies it can also be known as Economic Systems. There are four Free Market such as Mixed, Market, Command and Traditional Economy. There are various terms for them and it can be different from one book to another. The important thing is to understand its characteristics. The term Free Market simply means let the invisible hand in the Economy work, whereas in the Command Economy the invisible hand is the government as well as mixed Economy has a mixture of both and the last traditional economy is little bit different i.e. the economy only and only moves when an elder ask them to.
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When wage discrimination is not probable for the first 40 workers this profit-maximizing organization hires, however it can wage discriminate perfectly whenever hiring all the subsequent workers, it hires a net of: (i) Forty workers at an average salary of $700 per we
A purely competitive firm: (w) maximizes profits where MR=MC. (x) makes economic profits while its total revenue is greater than its total cost. (y) has no control over the price of its products. (z) all of the above. Discover Q & A Leading Solution Library Avail More Than 1428338 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1934923 Asked 3,689 Active Tutors 1428338 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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