Micro Economics
Contestable Markets: A Model in Perfect Competition
A contestable market occurs when there is freedom of entry and exit into the market. T…
Micro Economics
How Price and Output is determined under Oligopoly
In oligopolistic industry, there are only a few big firms which control the supply of …
Micro Economics
Oligopoly Market - Meaning and Causes
Oligopoly is the market organization in which there are a few or small number of firms…
Micro Economics
Perfect Competition Vs Monopoly in terms for Prices and Output for Consumers
Perfect Competition: In a perfect competition, there are a large number of producers …
Micro Economics
Advantages and Disadvantages of Perfect Competition
Advantages of Perfect Competition 1. They allocate resources in the most efficient w…
Micro Economics
Short Run Profit Maximisation in Perfect Competition
A perfectly competitive firm will choose to produce an output where 1. MC = MR = P 2…
Micro Economics
Characteristics of Perfect Competition Market
Perfect Competition Market Perfect competition market is market in which there are a …
Micro Economics
Market Structure
Introduction: This topic discusses all the theories about different markets. Differen…
Micro Economics
Concepts of Revenue
Concepts of Revenue: 1. Revenue 2. Total Revenue 3. Average Revenue 4. Marginal Rev…
Micro Economics
Relationship between Marginal Cost (MC) and Average Cost (AC)
Average Total Cost is the sum of average variable cost and average fixed cost. or we …
Micro Economics
All Types of Costs in Economics with Examples
There are several costs that a firm should consider under relevant circumstances. It i…
Micro Economics
Production Cost in Short & Long Run
Introduction: In microeconomics, the long run is the conceptual time period in which …
Micro Economics
Meaning and Definition of Production
Introduction: Production involves the use of production factors in producing the most…
Micro Economics
Consumer’s Surplus
Consumer’s surplus, the concept was introduced by A. J. Dupit, a French engineer in 18…
Micro Economics
Price Elasticity of Supply
Introduction Price elasticity of supply (Pes) measures the relationship between chang…
Micro Economics
Factors Affecting Supply Curve Shifts
Changes in quantity supplied strictly as a function of price are referred to as moveme…
Micro Economics
Difference between Microeconomics & Macroeconomics
Economics is mainly divided into two parts: 1. Microeconomics 2. Macroeconomics The…
Micro Economics
Price Determination Under Perfect Competition
Price determination under perfect competition can be analyzed into three periods: 1. V…
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