Micro Economics - QS Study
QS Study

Characteristics of Oligopoly

In case the number of firms is small and the action taken by one firm is followed by rival firms in the market, it is......

Price and quantity under monopolistic competition

Monopolistic competition is a form of imperfect competition where many competing producers sell products that are differentiated from one another. In monopolistic in the short......

A competitive firm faces a completely horizontal demand curve

In a perfectly competitive market the market demand curve is a downward sloping line, reflecting the fact that as the price of an ordinary good......

The different forms of market

Economists assume that there are a number of different, buyers and sellers in the marketplace. This means that we have competition in the market, which......

The marginal productivity theory of wages with criticism

The marginal productivity theory was first stated by Von-Thunen. The theory has beers developed by Wick steed Walrus J.B. Clark and many others. Statement of......

Price discrimination

Price discrimination is the practice of charging a different price for the same good or service. There are three types of price discrimination — first-degree,......

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

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 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

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

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?

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......