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What is a natural monopoly
Define natural monopoly as a situation where the advantages of scale a fixed costs are so high that it is impossible to fully exploit them. MC and AC should be used to illustrate that a natural monopoly could indeed be better to the competitive market.
The circular flow diagram is used to represent the interdependence that exists between sectors of the economy. The diagram illustrates that there are various collections of same e
explain the concept of producers'' equilibrium
State about the prices - Price level Prices are of great significance in macroeconomics as indeed they are in microeconomics. Though, in microeconomics we are more interested i
Structural Unemployment: This is unemployment resulting from changes in the pattern of demand for goods and services or changes in technology.These changes may in turn alter
Mamun has a weakly income of 600 dollars. Price of chocolate is 5 dollar and price of potato is taka 10. Both are normal goods. Show the income and substitution effect for each of
How would the price mechanism decide resource allocation in a competitive (free) market? The main issue it to explain how the price mechanism has a signalling, rationing and ince
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
Explain the key assumptions and desired properties commonly used economics. Economists generally make all or some of the given key assumptions and a condition while they study
what is oxidizing agent
Differentiate the definition of economics as given by Prof. Marshall and Prof.Robbins. Illustrate the concept of production possibility curve .How PPC is helpful to solve econom
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