Category: General Concepts.

Concepts Associated with National Income

Duopoly

It is a specific type of oligopoly where only two producers exist in one market. In reality, this definition is…

Oligopoly

Oligopoly is a market situation in which there are few firms producing either differential goods or closely differential goods. The…

Monopolistic Competition

It is that form of market in which there are large numbers of sellers selling differentiated products which are similar…

Imperfect Competition

Imperfectly competitive markets may be classified as: Ø  Monopoly, Ø  Monopolistic Competition, Ø  Oligopoly and Ø  Duopoly Monopoly Monopoly refers to the market situation…

Market

• In economics, market means a social system through which the sellers and purchasers of a commodity or a service (or…

Short-run Costs

In the short-run, a firm employs two types of factors: fixed factors and variable factors. Costs are also of two…

Applications of Opportunity Cost

The concept of opportunity cost has been widely used by modern economists in various fields. The main applications of the…

Opportunity Cost

• The concept of opportunity cost occupies a very important place in modern economic analysis. • Factors of production are…

Determinants of Elasticity of Supply

Nature of the commodity: The supply of durable goods can be increased or decreased effectively in response to change in…

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 cost of…

Elasticity of Demand

Whenever a policy maker wishes to examine the sensitivity of change in quantity demanded due to the change in price,…