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Perfect competition:
Perfect completion refers to the market structure in which there are a large number of relatively small firms, each firm having freedom of entry into and exit from the industry.All firms produce homogeneous product and all market participants (buyers and seller) have full knowledge of the situation in the market, especially about the present price and location of the product.
Perfect competition: The behaviours of firms in perfect competition. It should be noted that firms that fit into perfect competition model are very rare in real-life situation
What are the basic questions to be answered by economic institution? Four fundamental questions should be answered by any economic institution as: a. What goods and services
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
how to estimate costs?
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
Hi, I am taking an economics course. I have a problem where I am given 2 types of units with the same production rate and the labor used to produce those units. I am supposed to c
Labor Productivity - Labor Productivity and Standard of Living - Consumption can increase if productivity increases. - Determinants of Productivity Stock of capit
International development association: Part of the challenge entails reorienting surveillance, the process through which the BW institutions policy advice is delivered, to mak
Describe Ionization energy or ionization potential and The factors affecting the ionization energies
types of demand
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