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Explain how information provision and decision coordination problems are resolved in a market economy
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Solved in 2 steps
- Which of the following choices is not found in a decision-making grid? benefit not taken revenue opportunity cost benefitWhy is it needed to maintain Social Graces through certain unwritten guidelines that maintain the harmony in relationships through etiquette which adheres to conventional requirements of social behaviour?Identify some essential elements common to any rational decision-making process?
- When announcement was made in Junuary about the availability of Starlink in Nigeria, what occurred in the market for internet connectivity?Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods?Explain that in detail using graphs .List and explain the three causes of incomplete information in the decision -making process.
