If equilibrium price of a good is greater than its market pirce, explain all the changes that will take place in the market. Use diagram.
Giving reasons state the following statements whether true or false:-
(i) When there are diminishing returns to a factor total product always decreases
(ii) Total product will increase only when marginal product increases
(iii) Increase in total product always indicate that there are increasing reaturns to a factor
(iv) When there are diminishing returns to a factor, both always falls.
Explain the implication of the feature 'freedom of entry and exit to firms' under perfect competition.
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