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During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
find equilibrium level of income
differance between capitalism and socialism
characteristic of duopoly
10
law
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
explain 6 factors that determine volume of production
draw the demand curve,when there is rise in the price of a product on the demand of the product
Features of monopolistic competition: Large number of firms in the industry. There are many small firms each supplying only a small share of the total market output. Hence, no
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