How will the goods and services be produced
How will the goods and services be produced?
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1. The market system encourages and rewards those producers who are achieving productive efficiency, i.e., least-cost production.
2. Least-cost production techniques include: locating firms in the optimum location considering resource prices, resource productivity, and transportation costs, available technology, and resource prices in general.
3. Most efficient technique will be the one that produces a given amount of output with the smallest input of scarce resources when both inputs and outputs are measured in dollars and cents.
Briefly describe the term cost of capital and also illustrate out its significance?
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What persuades new firms to enter in an industry? Answer: Abnormal profit encourages new firms to enter an industry.
identify the reasons for the formation of organizations
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Studies indicate that married men on average earn more income than unmarried men of the same age?
Elucidate reallocation of resources?
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