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…
Economics
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.
Cost Output Relationship in Short Run: Total Costs, Total Fixed Cost, Total Variable Costs, Average Costs
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.
