General Concepts
Monopolistic Competition
It is that form of market in which there are large numbers of sellers selling differentiated products which…
August 31, 2021 · Taylor EmmaAuthor: Taylor Emma
A senior editor for The Mars that left the company to join the team of SenseCentral as a news editor and content creator. An artist by nature who enjoys video games, guitars, action figures, cooking, painting, drawing and good music.
General Concepts
Imperfect Competition
Imperfectly competitive markets may be classified as: Ø Monopoly, Ø Monopolistic Competition, Ø Oligopoly and Ø Duopoly Monopoly Monopoly refers to the…
August 31, 2021 · Taylor EmmaGeneral Concepts
Market
• In economics, market means a social system through which the sellers and purchasers of a commodity or a…
August 31, 2021 · Taylor EmmaGeneral Concepts
Short-run Costs
In the short-run, a firm employs two types of factors: fixed factors and variable factors. Costs are also…
August 31, 2021 · Taylor EmmaGeneral Concepts
Applications of Opportunity Cost
The concept of opportunity cost has been widely used by modern economists in various fields. The main applications…
August 31, 2021 · Taylor EmmaGeneral Concepts
Opportunity Cost
• The concept of opportunity cost occupies a very important place in modern economic analysis. • Factors of…
August 31, 2021 · Taylor EmmaGeneral Concepts
Determinants of Elasticity of Supply
Nature of the commodity: The supply of durable goods can be increased or decreased effectively in response to…
August 31, 2021 · Taylor EmmaGeneral Concepts
Factor Determining Supply or Supply Function
Price of the commodity: When the price of a commodity in the market rises, seller increases the price. The…
August 31, 2021 · Taylor EmmaGeneral Concepts
Elasticity of Demand
Whenever a policy maker wishes to examine the sensitivity of change in quantity demanded due to the change…
August 31, 2021 · Taylor EmmaGeneral Concepts
Exceptions to the law of demand
Conspicuous goods: These are certain goods which are purchases to project the status and prestige of the consumer. For…
August 31, 2021 · Taylor Emma