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.
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Relationship between MPS and multiplier:K=1/1-MPC = 1/MPS or inverse relationship between MPS and the size of multiplier.
What drives market towards their equilibrium?
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Budget line: Budget line exhibits all combinations of two goods which a consumer can purchase with his income at a specified price.
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