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Subject:

(also called the free market system or market capitalism) prices and quantities in the economy...

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when firms do not produce the correct quantity to suit demand as they do not use the resources...

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when demand and supply are allowed to operate freely to form prices.

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selling price; the value of the final output at the prices paid for the output by consumers.

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when a consumer allocates income so that the last rand spent on each product yields the same...

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