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Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
Explain the term economic efficiency? Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and
Determinants of quantity supplied of a good The quantity of supplied of a product is influenced by factors such as the market price of the commodity, prices of inputs, techno
With the aid of a diagram explain the long run average cost curve and the influences upon it.
Is it possible for a firm to be both Price taker and price maker? A firm can either be a price taker or a price maker. It cannot be price maker and price taker at the similar
periodic table groups and acid and basic radical
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
Wholemark is an Internet order business that sells one popular New Year greeting card once a year. The cost of the paper on which the card is printed is $0.50 per card, and the cos
disadvantages of monopsony
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