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Perfect competition has the following characteristics:
1. Large number of firms - There are a large number of firms in the market. Due to this each firm produces a very small fraction of the industry output. This is turn implies that a single firm cannot affect the market prices.
2. Identical products - All the firms in market produce and sell an identical product. The consumers cannot differentiate between the product of one firm and that of another.
3. Free entry and exit - New firms attracted by profit are free to enter the market while the existing ones suffering from losses are free to leave. Firms entering the market increase the supply of the good and reduce profit margins. Free exit reduces market supply and increases profit margins.
4. Perfect information - All firms are fully informed about the prices and costs of their rival firms. Buyers have full information about prices and other relevant factors.
Demand for Risky Assets * Assets - Something which provides a flow of money or services to its owner. - The flow of money or services can be explicit or implicit . *
Type of total outlay
crumble corporation produce biscuits. here the relation between the number of workers and output
concepts of suply
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
calculate point elasticity of demand function Q=10-2p for decrease in price from Rs3 to Rs2
is it just assumed that a monopoly graph is showing economic profit instead of accounting profit
Visit to a village panchayat for agriculture based project
#questioSuppose the US and Mexico both produce semiconductors and auto parts and the US has a comparative advantage in semiconductors while Mexico has a comparative advantage in au
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