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Explain about the terms in perfect competition.
Perfect Competition:
a. A price-taking producer is a maker whose actions have no consequence onto the market price of the good this sells.
b. A price-taking consumer is a customer whose actions have no consequence onto the market price of the good he or she buys.
c. A perfectly competitive market is a market within which all market contributors are price-takers.
d. A perfectly competitive industry is industries within those producers are price-takers.
Real Rigidities in the Goods Market The most important factor associated with real rigidity in the goods market is the existence of imperfect competition. Imperfect comp
Frank H. Knight treated profit as a residual return to uncertainly profit. Obviously knight made a distinction between risk and uncertainly he divided risk into calculable and non-
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structure of managerial economics
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PROPORTIONAL TAX Is where whatever the size of income, the same rate or same percentage is charged. Examples are commodity taxes like customs, excise duties and sales tax.
Q. What do you mean by External Economies? External economies arise outside the firm as a result of improvement in industrial environment in that the firm operates. They are ex
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