Competition among buyers and sellers is a control
Illustrate Competition among buyers and sellers is a controlling mechanism?
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1. Large numbers of sellers mean that no single producer or seller can control the price or market supply.
2. Large number of buyers means that no single consumer or employer can control the price or market demand.
3. Depending upon market situation, manufacturers can enter and leave industry easily.
Define Direct and inverse relationships?
If the price of a good is given, how does a consumer choose/decide as to how much of that good to purchase?
Illustrate the supply curve and also determinants of supply?
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After the Spanish found the new world, they promptly began to plunder this. They imported huge amount of gold and silver to Spain. It inflow of bullion caused a rapid increase in inflation, that would have grave consequences for Spain. It is quick inflation made this
Elucidate an example of simultaneous changes in both supply and demand?
Question: You are given the following data about two firms: FIRM A Quantity 0
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