Contrast how a market system and a command economy try to cope with economic scarcity.
October 9, 2020
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October 9, 2020
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Understand the supply curve. Understand how to apply the law of supply. Understand the study of how firms’ decisions about prices and quantities…

  1. Understand the supply curve.
  2. Understand how to apply the law of supply.
  3. Understand the study of how firms’ decisions about prices and quantities depend on the market conditions they face.
  4. Understand the field of industrial organization.
  5. Understand cost of production.
  6. What is the relationaship between average and marginal cost.
  7. What would happen to average and marginal cost if a technological technology is introduced in the production process.

 

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