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1. Prof. Marshall 'The more nearly perfect a market is, the stronger is the tendency for same price to be paid for same thing at the same time in all parts of the market".
2. Prof. Benham "A market is said to be perfect when all potential sellers as well as buyers are promptly aware of the price at that transactions take place and all of the offers made by other buyers and sellers and when any buyer can purchase from any seller and vice-versa".
So perfect competition is a market situation where a colossal amount of buyers and sellers possessing complete knowledge of the market come together to afford the similar products. In perfect competition, an equilibrium price exists in market and firms are free to participate in and to exit the market.
DIGRESSIVE TAX A tax is called digressive when the higher incomes do not make a due contribution or when the burden imposed on them is relatively less. Another way in which
SOME DIFFICULTIES IN MEASURING NATIONAL INCOME National Income Accounting is beset with several difficulties. These are: a. What goods and services to include A
CONCEPT AND PHASES OF TRADE CYCLE Broadly speaking, the trade or business cycles are those fluctuations which recur in economic activity with a certain degree of regularity fo
Limitation The degree or success with which the central bank can use its bank rate policy to control the total credit in the economy depends upon the interest elasticity of in
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1. According to an article in San Luis Obispo Tribune July 21, 2006 37% of the college freshman and 48% of the college seniors carry a credit balance from month to month. Suppose
The Social Cost of Unemployment i. For the individual, there is the demoralizing effect which can be devastating particularly when they are old. This is because as some
Q. Explain about Frequency domain? Frequency domain: Frequency domain is a term which is used to elucidate the domain for analysis of mathematical signals or functions with
what is equi marginal concepts?
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