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Perfect competition:
Perfect completion refers to the market structure in which there are a large number of relatively small firms, each firm having freedom of entry into and exit from the industry.All firms produce homogeneous product and all market participants (buyers and seller) have full knowledge of the situation in the market, especially about the present price and location of the product.
Closesubstitute goods: The number of closesubstitute goods The more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. Fo
Question 1: (a) Clearly illustrate the features of a perfectly competitive firm. (b) How would the same industry change if it were organized first as a competitive industr
demand elasticity analysis and its significance in pakistan
The elasticity coefficient is a number measured using price and quantity data to verify how responsive consumers are to changes in the price of a commodity. The elasticity coeffic
discuss how the price mechanism allocate resources in a free market system
Q. What is Debt Burden? Debt Burden:Real economic importance of a debt relies on interest rate that should be paid on debt and on total income of consumer or business which und
The goal is to replicate a real life product development and familiarize students with the invent process of a system, component, or process to meet desired wants within realistic
Marginal Product Theory a. What is the MC of output in the short-run? b. What is the MC of labor (employed)? c. What is the short-run profit-maximizing decision
Long run equilibrium - Perfect competition: In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Fig
what is economic model and role of assumptions in it.
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