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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.
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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Labor demand for low-skilled workers in the United States is w= 24 -0.1E where E is the number of workers (in millions) and w is the hourly wage. There are 120 million domestic U.S
is indian companies running a risk by not giving attention to cost cutting?
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
Explain a circular flow of income in a frugal econmomy with diagram
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The Central Bank These are usually owned and operated by governments and their functions are: i. Government's banker : Government's need to hold their funds in an ac
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Burden of the national debt The extent of the burden on a nation of public debt, depends in the first place on whether it is an external or an internal debt. The burden of th
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