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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What is another name of micro economics? Answer: Price theory
State the relationship between MPC and multiplier? Answer: The value of multiplier differs directly with MPC. K=1/1 - MPC.
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