Competition among buyers and sellers is a control
Illustrate Competition among buyers and sellers is a controlling mechanism?
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1. Large numbers of sellers mean that no single producer or seller can control the price or market supply.
2. Large number of buyers means that no single consumer or employer can control the price or market demand.
3. Depending upon market situation, manufacturers can enter and leave industry easily.
Illustrate and clarify the economizing problem?
When Gene can make three pairs of cowboy boots per week or one saddle whereas Roy can make either two pairs of boots or two saddles, Gene will form boots whereas Roy makes saddles according to the: (i) Law of Occam’s Razor. (ii) Principle of comparative advantag
Janet has loaned a start-up coffee house $50,000 and predicts to earn interest from her financial investment. In circular flow model this transaction is an illustration of: (1) An exchange of her saving for interest, via a resource market for the economic capital. (2)
Elucidate the gains that have occurred using the resources as before specialization?
Elucidate redistribution of income?
This is difficult for firms within highly competitive markets to exploit consumers since: (i) consumer advocates organize boycotts that generate bad publicity. (ii) market pressures force fair distributions of products. (iii) the government sets price
Adam Smith must have emphasized more strongly how his Wealth of Nations drew concepts and inspiration by Richard Cantillon’s Essai. Now today’s perspective that the Wealth of Nations would considered even
Illustrate the Comparative advantage and terms of trade?
numbers of sellers in pure competition?
Illustrate a summary of what can cause a decrease in demand?
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