In market economies, firms rarely worry about the availability of inputs to produce their products, whereas in command economies input availability is a constant concern. Why the difference?

Q: Production and costs are the primary building components on the supply side of the market. From the…

A: Two crucial measures for assessing a company's financial performance are accounting profit and…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: Given,

Q: An apartment complex included a fixed price of water in the monthly rent. One day, the city decided…

A: At its most fundamental level, economics attempts to explain how and why we make the purchasing…

Q: what is command economy? and give discussion on command economy advantages and disadvantages ?

A: A command economy is a mechanism in which the government, rather than the free market, decides what…

Q: Define the principles essential for understanding the economizing problem, demand and supply, and…

A: Demand and supply are the essential elements of the market economy. Following principles are…

Q: Select the following economic scenario that would be considered an example of microeconomics.…

A: The objective of the question is to identify which of the given scenarios is an example of…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: In a market, a producer uses various techniques to understand the purchasing behavior of the people…

Q: Explain what is meant by allocative efficiency and under what conditions is this efficiency…

A: In a marketplace, efficiency refers to the ability of the market to get output with the given…

Q: 80 PPF 60 70, 41 A + 20 40 60 80 100 ALFALFA (Millions of bushels) Complete the following table by…

A: Production possibility curve (PPC) shows the combination of the two goods that the economy can…

Q: Why should the economic decision be based on the objective of making the best use of limited…

A: Economic decisions are the decisions by economic agents in order to sort out problems related to…

Q: How do markets operate to bring product into existence?  How does that relationship affect supply…

A: All societies necessarily create economic choices. Society requires to make choices about, what…

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: The following key concepts under the philosophy of production in Islamic economics are true EXCEPT,…

A: Production is an action to deal with natural substances into completed merchandise. To deal with raw…

Q: What is the meaning of micro economics

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: We have discussed the following concepts in class: demand, supply, cost, opportunity cost, prices,…

A: "Since you have asked two questions, we will answer only first question for you. If you want other…

Q: What is the difference between an Internal Customer and an External Customer? Why are both equally…

A: External Customers are those customers to whom the business is having business dealing for selling…

Q: Which of the following is NOT true of a pure command economy?       A. Capital and labor are…

A: An economic system is a way for governments or communities to distribute and organise resources,…

Q: Assumptions are initial conditions made before production possibilities frontier (PPF) is built.…

A: The production-possibility frontier is a graph showing different variations of the quantities of two…

Q: Discuss Fixed Price Model in a market economy

A: A pricing model is a structured approach used by businesses to compute the optimal price for their…

Q: There are dozens of laptop manufacturers around the world. Does the idea of efficient production…

A: It refers to the additional cost(C) or total cost(TC) incurred by producing 1 more unit of a service…

Q: State whether each entry below is positive or normative—explain your answer. Low-income people pay…

A: Positive and normative economics are correctly referred to as the two arms of economics.   Positive…

Q: Why does the laissez faire approach to economic policy imply only minimal government involvement?…

A: Government involvement in the economic activities lead to the inefficient outcomes. However, it is…

Q: metric tons of wheat and 0.33 metric tons of oil. Production of 1 metric ton of oil consumes 0.08…

A:

Q: Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these…

A: A marginal benefit is a maximum amount a consumer is willing to pay for an additional good or…

Q: According to the Italian economist Pareto, if I have 200 suppliers, how many suppliers can I expect…

A: In pareto theory,someone can be made better off only by worsening someone.