How is price and output determined under perfect competition? Perfect competition refers to a market situation where there are a…
Who gave the concept of time element in price determination? Professor Marshall has explained the importance role of time elements…
In an open competitive market, it is the interaction between demand and supply that tends to determine price and quantity.…
What is Market? A market refers to a place where buyers and sellers are physically present to purchase and sell…
A long period is that period in which the producer can make all required changes in each factor of production.
Cost and output are closely related because they affect each other. Time element plays an important role in the price determination of a firm’s cost.
What is Cost Concept? Cost and output analysis is related to the production function, factor prices and efficiency of the…
Download Balance of Payments Class 12 Notes PDF, Question papers, MCQ PDF, NCERT Books, and Syllabus free of cost in…
Download Government Budget and the Economy Class 12 Notes PDF, Question papers, MCQ PDF, NCERT Books, and Syllabus free of…
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