The market system not only accepts self-interest
Explain the statements: The market system not only accepts self-interest as a fact of human existence.
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The market system not only accepts self-interest as a fact of human existence; it relies on self-interest to achieve society’s material goals. The motive of self interest gives direction and consistency to the economy. Self interest is the primary driving force of market system. Entrepreneurs try to maximize their profits; property owners want the highest price for their resources; workers choose the job with the fringe benefits, best wages as well as working conditions. Consumers apportion their expenditures to maximize their utility, while seeking the lowest possible prices.
Elucidate various national currencies of foreign exchange market?
How a production possibilities curve is a graphical representation of choices?
Over the long-run the speculators activities are tend to: (1) decrease the volatility of prices. (2) attract legal attention and result in imprisonment. (3) increase the level and volatility of prices both. (4) yield tremendous profits and raise costs
Problem 2 Consider Garfield's utility function given as U(x1, x2) = x1x2, wher
numbers of sellers in pure competition?
Transaction costs tend to be decreased and markets are more efficient when: (w) the government subsidizes a good. (x) inter-market price differentials are eliminated through arbitrage. (y) taxes are used to give for social wants. (z) regulations close
Explain the statements: The market system provides such a variety of desired goods and services precisely.
While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value
Importance of Economics:Economics has become one of the major branches of social sciences. This is of enormous practical value in our day by day life. In pure sciences, we study the subject
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Discover Q & A Leading Solution Library Avail More Than 1438738 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1931955 Asked 3,689 Active Tutors 1438738 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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