Micro Economics

Economic integration is the unification of economic policies between different states through the partial or complete abolition of tariffs and the imposition of duty-free restrictions…

In case the number of firms is small and the action taken by one firm is followed by rival firms in the market, it is…

Monopolistic competition is a form of imperfect competition where many competing producers sell products that are differentiated from one another. In monopolistic in the short…

In a perfectly competitive market the market demand curve is a downward sloping line, reflecting the fact that as the price of an ordinary good…

Economists assume that there are a number of different, buyers and sellers in the marketplace. This means that we have competition in the market, which…

The marginal productivity theory was first stated by Von-Thunen. The theory has beers developed by Wick steed Walrus J.B. Clark and many others. Statement of…

Price discrimination is the practice of charging a different price for the same good or service. There are three types of price discrimination — first-degree,…

A market is said to be a perfectly competitive market where a sharp competition exists between a large number of buyers and sellers for a…

In terms of production and supply, the long-run is the time period when there is no factor that is fixed and all aspects of production…

Average revenue product Average revenue product is the unit revenue generated by the use or employment of different quantities of a variable input. It is…