CSEC Economics · May/June 2016 · Paper 2 · Question 1(d)
Explain how the THREE resource allocation decisions are made in a free market economy.
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Practise this questionOther parts of this question
- 1(a)Define the term 'diseconomies of scale'.[2 marks]
- 1(b)Identify the time period in which 'economies of scale' occur.[1 mark]
- 1(c)Identify TWO types of diseconomies of scale.[2 marks]
- 1(e)Identify TWO 'fixed costs' and TWO 'variable costs' associated with setting up a hairdressing salon or a barber shop.[4 marks]
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