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Explain about the terms in perfect competition.
Perfect Competition:
a. A price-taking producer is a maker whose actions have no consequence onto the market price of the good this sells.
b. A price-taking consumer is a customer whose actions have no consequence onto the market price of the good he or she buys.
c. A perfectly competitive market is a market within which all market contributors are price-takers.
d. A perfectly competitive industry is industries within those producers are price-takers.
Q. Illustrate about Pecuniary economies? Pecuniary economies (which is monetary economies) are those economies accrued by the firm from paying lower prices for the factors used
factorsw determining demand
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Peanut butter monopolist Calvé supplies peanut butter to Albert Heijn in an isolated village. The supermarket is a monopolist in the village. Demand for peanut butter is given by:
Why do the inclusion of opportunity costs in cost-and-supply analyses help individuals make better decisions and improve outcomes?
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