Implication of perfect knowledge
Describe the implication of perfect knowledge regarding market beneath perfect competition.
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Perfect knowledge signifies that both buyers and sellers are fully informed regarding market price. Thus no firm is in a place to charge a distinct price and no buyer will pay a high price. As an outcome a uniform price prevails in market.
The monopsonist will hire labor till labor's marginal resource cost equivalents the: (p) The value of average product of labor. (q) Price of labor. (r) Marginal revenue product of labor. (s) Marginal physical product. Choose the ri
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Production function: This refers to the functional relationship among inputs and outputs.
The first plans of savers and investors within this closed private economy are demonstrated as S0 and I0. Assume that people begin spending less on current consumption, and total saving plans shift to curve S
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