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Features of Monoploy in Monopolistic Competition Monopolistic competition has the following features from monopoly : As the products are differentiated substitutes, each b
State the Fixed factor of production Input level of a fixed factor can't be varied in the short run. Capital falls under the category of fixed factor. Capital alludes to resour
General and Selective Credit Control These are imposed with the full apparatus of the law or informally using specific instructions to banks and other institutions. For insta
Fixed Costs (FC) These are costs which do not vary with the level of production i.e. they are fixed at all levels of production. They are associated with fixed factors of p
Define Managerial economics according to McNair and Meriam McNair and Meriam: "Managerial economics comprises the use of economic modes of thought to analyse business situatio
What is Demand theory: Demand theory relates to the study of consumer behaviour. It addresses questions like what incites a consumer to buy a particular product, why do consume
Explain the role scarcity of resources plays in economics decision making
how does knowledge of economics help in maximizing profit in firm
TYPES OF BUDGETS 1. Deficit budget If the proposed expenditure is greater than the planned revenue from taxation and miscellaneous receipts, this is a budget defic
Functions of the Budget The budget fulfils three main functions: To raise revenue to meet government expenditure The government of a country provides certain se
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