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  Monopoly Meaning, Conditions, Sources and Advantages Monopoly Monopoly is a market where there is only one producer of a good or service. There is also no dose substitute of the good or service. Conditions of Monopoly 1. Single seller and large number of buyers. 2. There is no substitute in the market. 3. Entry ban. 4. Controlled supply. 5. Independent price...

Oligopoly Managerial Economics Notes Meaning Of Oligopoly The term oligopoly has been applied to an industry that consists of a few firms, each producing a substantial share of the total output of that industry. This type of market structure is typical of the petroleum industry, the automobile industry, or the iron and steel industry. If the industry consists of only...

Measurement of Inflation and Measures to Control Inflation Degree of Inflation According to swiftness of rise in price level or intensity of increase in the general price level the inflation may be (a) creeping inflation, (b) running inflation, (c) galloping inflation, and (d) hyper inflation. (a) Creeping Inflation This is show moving and a very mild inflation....

Demand Forecasting Meaning, Scope, Types, Importance, Limitations and Criteria for Good Decision Making A forecast is a prediction about a future event which is most likely to happen under given conditions. In a world full of uncertainties, formation of some view about the future is inevitable. Therefore, firms try to forecast the likely demand for their products....

Indifference Curve Meaning, Nature, Assumptions, Properties and Limitations   Meaning and Nature of Indifference Curve The realms of consumer behavior were expanded to new horizons with the introduction of indifference curve analysis by J.R. Hicks and R.G.D. Allen. The crux of this analysis is that utility is ordinally measurable. From the above discussion on...

Monopolistic Competition – Meaning, Definitions, Characteristics The degree of competition in a monopolistic market is less than that in a market with perfect competition but more than that in an oligopoly and ofcourse a monopoly. The characteristics of a market with monopolistic competition are as follows: a) There are a large number of buyers b) There are...

Perfect Competition – Meaning, Definitions and Characteristics   Topics Covered i. Perfect competition Meaning ii. Definition of Perfect Competition iii. Features of Perfect Competition/Characteristics of Perfect Competition   About Perfect Competition Under perfect competition a large number of firms compete against each other. Therefore, the degree...

Posted on Feb 1 2017 - 7:07am by Preeti
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Economies of scale – Meaning, Classification and Sources Economies of scale mean the cost advantage of large scale production. They occur mostly in the long run when increasingly larger plants yield lower cost of production. Economies of scale arise when a business firm expands its scale of production, the unit cost of production decreases. If the unit cost...

Demand Elasticity – Meaning, Definitions and Types   Meaning of Demand Elasticity Elasticity in general, means the sensitivity or responsiveness of one variable to any change in another related variable. Demand Elasticity is a concept of judging the responsiveness of demand. J.S. Mill and Cournot were the early economists who referred to Elasticity of...

Posted on Jan 30 2017 - 2:37pm by Preeti
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   Types of Demand There are large number of goods and services available in every economy. Their classification is important in order to carry out a demand analysis for managerial decisions.  Following categories have made on the basis of the nature of commodity demanded (consumer goods and capital goods), time unit for which it is demanded (Short run and long...