Equilibrium of Firm under Perfect Competition! A perfectly competitive market is one in which the number of buyers and sellers is very large, all engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of market at a time. In the words of Joan Robinson, “Perfect competition prevails when […]
Equilibrium of Firm under Perfect Competition | Economics
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Price and Output Determination under Monopoly (with graph)
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Price and Output Determination under Monopoly (with graph)! The analysis of the determination of the price, output and profit under monopoly is based on the following assumptions: 1. It is a simple monopoly which has very low cross elasticity of demand with other products. 2. The monopolist is a rational being who aims at maximum […]
Price Discrimination under Monopoly: Definition, Types, Conditions and Degrees | Economics
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In this article we will discus about:- 1. Definition of Price Discrimination 2. Types of Price Discrimination 3. Conditions 4. Degrees. Definition of Price Discrimination: Price discrimination implies charging different prices from different customers or for different units of the same product. In the words of Joan Robinson – “The act of selling the same […]