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free trade promotes a mutually profitable regional division of labour greatly enhances the potential real national product ofall nations and makes possible higher standards of livi
What is Cyert and March's behavior theory? What are the demerits.
Real Rigidities in the Goods Market The most important factor associated with real rigidity in the goods market is the existence of imperfect competition. Imperfect comp
Disadvantages of product differentiation a) Product differentiation generally reduces the degree of competition in the market. It does this in two ways: i.
Goals of the firm How much is produced by a firm depends on its objectives. A firm which aims to maximise its sales revenue, for example, will generally supply a greater quant
Q. What is Production Isoquant? An isoquant demonstrates all those combinations of factors that produce the same level of output. An isoquant is also called as equal product cu
Lender of Last Resort The central bank also acts as the lender of last resort. Historically, this function developed out of the special position of the central banks. The centr
Q. Show the Long Term Goals - Demand forecast? Long Term Goals: If the demand forecast period is more than a year, in that scenario it's termed as long term forecast. Follow
Managerial Economics helps create utility for the Society.
Q. Total cost of Factor Combinations? Here we try to find total cost of every factor combination and choose the one that has the least cost. Cost of every factor combination is
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