CSEC Economics · May/June 2012 · Paper 2 · Question 5(d)
Explain how a baker would respond to the THREE resource allocation decisions that arise in a free market economy.
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Practise this questionOther parts of this question
- 5(a)Differentiate between 'fixed' and 'variable' costs. Give ONE example of EACH type of cost.[4 marks]
- 5(b)List THREE types of business organization.[3 marks]
- 5(c)(i)Distinguish between 'economies of scale' and 'diseconomies of scale'.[4 marks]
- 5(c)(ii)Draw a well-labelled diagram showing the regions of economies of scale and diseconomies of scale.[4 marks]
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