Different from perfectly competitive market and monopolistic market

Different from perfectly competitive market and monopolistic market

A market is said to be a perfectly competitive market where a sharp competition exists between a large number of buyers and sellers for a…
The long run market equilibrium of a firm under monopolistic market condition

The long run market equilibrium of a firm under monopolistic market condition

In terms of production and supply, the long-run is the time period when there is no factor that is fixed and all aspects of production…
Average revenue product and Marginal revenue cost

Average revenue product and Marginal revenue cost

Average revenue product Average revenue product is the unit revenue generated by the use or employment of different quantities of a variable input. It is…
Perfectly Competitive Market

Perfectly Competitive Market

Generally, market means a place where buyers and sellers buy and sell their product. But in economics, the market has a separate meaning. In economics,…
Define price discrimination is both possible and profitable

Define price discrimination is both possible and profitable

Price discrimination refers to charging of different consumers by the monopolist. it is possible only when following conditions prevail in the market. The existence of Monopoly:…
What is MILTS?

What is MILTS?

The marginal rate of technical substitution (MRTS) can be defined as, keeping constant the total output, how much input 1 have to decrease if input…
Characteristics of perfect competitive firm

Characteristics of perfect competitive firm

Characteristics of perfect competitive firm – Infinite Sellers Infinite customers with the willingness and ability to buy the product at a certain price, Infinite producers…
Fixed cost and Marginal cost

Fixed cost and Marginal cost

Fixed cost are expenses that do not change in proportion to the activity of a business, within the relevant period or scale of production. For example,…
Concept of production function

Concept of production function

The production function simply states the quantity of output (Q) that a firm can produce as a function of the quantity of inputs to production,…
Economies of scale

Economies of scale

Economies of scale, in microeconomics, refers to the cost advantages that a business obtains due to expansion. There are factors that cause a producer’s average…
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