What is the Meaning of Price? Pricing is defined as the process of determining what a company will receive in exchange for its products. Pricing factors are manufacturing cost, marketplace,…
What is Consumer Behavior? Consumer behaviour is the study of how individual customers, groups, or organizations select, buy, use, and dispose of ideas, goods, and services to satisfy their needs…
Inflation means a steep increase in prices, resulting in a decrease in the value of money over a period of time...
What is Social Audit? The term ‘social audit’ may be explained in several ways. As far as common understanding goes, it is an important assessment of how well a company…
What is Business Cycle? Business cycles are a type of fluctuation found in the aggregate economic activity of nations that organize their work mainly in business enterprises. The cycle consists…
What is Meaning Monopoly Structure? A monopoly is a market structure where there is a single seller/producer of a commodity or service. One firm one industry, restrictions on the entry…
How is price and output determined under perfect competition? Perfect competition refers to a market situation where there are a large number of buyers and sellers dealing in homogenous products.…
Who gave the concept of time element in price determination? Professor Marshall has explained the importance role of time elements in price determination. The supply of a commodity cannot be…
In an open competitive market, it is the interaction between demand and supply that tends to determine price and quantity. This can be shown by bringing together demand and supply.…
What is Market? A market refers to a place where buyers and sellers are physically present to purchase and sell goods and services for a price. But in economics, the…
