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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What do you mean by the term Cumulative Effect?
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For a purely competitive market at any equilibrium point on the short-run supply curve: (w) all firms have identical marginal costs. (x) economic profit is positive. (y) accounting profit is normal. (z) marginal revenue = average cost. Discover Q & A Leading Solution Library Avail More Than 1431851 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1925734 Asked 3,689 Active Tutors 1431851 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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