Income consumption curve may be defined as the locus of points representing successive consumer equilibriums as the income of the consumer increases, keeping ...

Organisation of Petroleum Exporting Countries (OPEC) was started in 1960 to benefit the oil exporting countries. Originally, it had  Iran, Iraq, Kuwait, ...

If a producer seeks to minimize the cost of producing a given amount of output the condition of the equilibrium, is that the marginal rate of technical ...

The short run cost curves AVC, AC and MC are U shaped because of the law of variable proportions. According to this law, in the initial sages of production, ...

SRAC curve is -shaped. LRAC curve falls initially due to economic of scale. But whether it falls to a certain point and then. In traditional analysis, the Long ...

Economic Rent is the difference between the actual payment to a factor and its supply price or transfer earning. In the words, Economic Rent may be defined as ...

Points of difference between Monopoly and Perfect competition are as follows : There are large number of buyers and sellers in the perfectly competitive ...

Condition:  A condition is a stipulation essential to the main purpose of the contract, the breach of which gives the aggrieved party a right to repudiate the ...

Returns to a Variable Factor: As more and more of input is employed, all other inputs being held constant, normally marginal and average product increase ...

Monopoly equilibrium: A monopolist is in equilibrium when he produces that amount of output which yields him maximizing total profit price and equilibrium ...