Consumer Behavior: Meaning, Definitions, Features, Natures, Importance
What is Consumer Behavior? Consumer behaviour is the study of how individual customers, groups, or organizations select, buy, use, and …
Economics
Introduction to Inflation: Meaning, Impact, Causes, and Effects
Inflation means a steep increase in prices, resulting in a decrease in the value of money over a period of time…
Social Audit: Meaning, Objectives, and Methods
What is Social Audit? The term ‘social audit’ may be explained in several ways. As far as common understanding goes, …
Business Cycle: Definitions, Characteristics, Stages, Types, Control
What is Business Cycle? Business cycles are a type of fluctuation found in the aggregate economic activity of nations that …
Price and Output Determination Under Monopoly: Short Period, Long Period
What is Meaning Monopoly Structure? A monopoly is a market structure where there is a single seller/producer of a commodity …
Price and Output Determination Under Perfect Competition and Imperfect Competition
How is price and output determined under perfect competition? Perfect competition refers to a market situation where there are a …
Role of Time Element in Price Determination
Who gave the concept of time element in price determination? Professor Marshall has explained the importance role of time elements …
General Theory of Price Determination
In an open competitive market, it is the interaction between demand and supply that tends to determine price and quantity. …
Market: Definition, Features, Classification
What is Market? A market refers to a place where buyers and sellers are physically present to purchase and sell …
Cost Output Relationship in Long Run
A long period is that period in which the producer can make all required changes in each factor of production.
