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What are the essential conditions for perfect completion?
Two essential conditions for perfect competition are as given below:
a. Various producers, none of whom have a huge market share.
b. An industry can be perfectly competitive merely when consumers regard the products of all producers as the same (standardized product).
tce
A firm's technology needsit to combine 5 person-hours of labor with 3 machine-hours to make 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per
Assumptions of Monopolistic Competition Monopolistic competition as the name implies, combines features from both perfect competition and monopoly. It has the following featu
How does economic theory contribute to managerial decisions
Theory of Demand of managerial economics According to Siegelman andSpencer "A business firm is an economic organisation that transforms productivity sources into goods which
Objectives of ICAs Most schemes have as their main objective to stabilize and/or increase the world price of commodity, producers' incomes, foreign exchange earnings of export
define equi marginal principle
Define the term understanding oligopoly. Understanding Oligopoly; One possibility when the two companies will engage into collusion, Sellers engage into collusion while t
Indian industry has progressed a lot because of globalization. A lot of development has been seen in Indian industry.
Factors determining Elasticity of demand Ease of substitution. Nature of the commodity i.e. whether it is a necessity of life, luxury or addictive. Consumers
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