Examlex
When a firm has decreasing average costs over the entire range of market demand it is
Market System
A system where economic decisions and the pricing of goods and services are guided purely by the interactions of a country's individual citizens and businesses.
Centrally Planned System
An economic system in which decisions about production and distribution are made by a centralized authority rather than by market forces.
Free-Market System
An economic system based on supply and demand with minimal governmental control, where prices are determined by the interactions between consumers and businesses.
Marxist Economy
An economic system based on the socio-economic theories of Karl Marx, focusing on the role of labor in the development of an economy and the concept of class struggle.
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