What is the difference between general and specific, Managerial Economics

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What is the difference between general and specific

1. What is the difference between general and specific knowledge? How can specific knowledge motivate the use of decentralized decision making?

2. Evaluate the following statement:

Using free markets and the price system always results in a more efficient resource allocation than central planning. Just look at what happened in Eastern Europe.

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Managerial Economics: What is the difference between general and specific

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