Implication of buyers in market
Describe the implication of big number of buyers in the perfectly competetive market.
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The implication is that no single buyer is in a place to affect the market price on its own since an individual buyer?s purchase forms a negligible proportion of the total purchase of good in the market.
Describe three properties of a variable proportions production function that make sure that it allow profit maximization and cost minimization.
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The only supply curve which has price elasticity which varies as the price of output increases is within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D. Discover Q & A Leading Solution Library Avail More Than 1412946 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1951780 Asked 3,689 Active Tutors 1412946 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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