Question: 1- What is the basic competitive model in economics?2- How do prices, property rights, and profits function in the economic system?3- How do incentives and

1- What is the basic competitive model in economics?2- How do prices, property rights, and profits function in the economic system?3- How do incentives and information affect economic decision-making?4- What role does rationing play in economics?5- What is meant by an opportunity set in economics?

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The detailed answer for the above question is provided below Ans1 The basic competitive model in economics is known as perfect competition It is a the... View full answer

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