Showing posts from May, 2016
Meaning: 'Mono' means single and poly means 'seller'. Thus monopoly means single seller who has complete control over the supply of the commodity. There is no close substitute of the commodity. Due to absence of c…
Introduction In common languages the terms market means a specific place where buyers and sellers of a commodity meet and exchange their goods. But in Economics, market does not necessarily mean a place, but it is an arrangement …
Meaning: A situation where there are many firms competing in the market, there is lot of competition and the firm producing the best quality goods and services at lowest price will be successful. Features: 1. Large number of se…
Total Output : Output is produced through the process of production. Thus, Total Output can be defined as "The sum total of the quantity of the commodity produced at a given period of time in the economy." Therefore, T…
