Public goods are the goods that are neither executable nor rivalrous. These are also referred to as Collective Consumption goods. They are also one of ...

The concept of consumer surplus: Availability of Substitute: More the number of substitutes of a good more convenient it is to shift to one ...

The U-shape of the LAC curve reflects the law of returns to scale. According to this law, the LAC curve initially falls as output is increased with change in ...

Movement along a demand curve : It refers to change in quantity demanded due to change in price in the same demand schedule. When price falls, then quantity ...

Commercial policy: Government policy related to the international trade is called commercial policy. A country either uses free trade policy or ...

Returns to a Scale: When all factors are increased simultaneously and ultimately the production of output also changes. Concept of returns of returns to ...

Income consumption curve may be defined as the locus of points representing successive consumer equilibriums as the income of the consumer increases, keeping ...

Organisation of Petroleum Exporting Countries (OPEC) was started in 1960 to benefit the oil exporting countries. Originally, it had  Iran, Iraq, Kuwait, ...

If a producer seeks to minimize the cost of producing a given amount of output the condition of the equilibrium, is that the marginal rate of technical ...

The short run cost curves AVC, AC and MC are U shaped because of the law of variable proportions. According to this law, in the initial sages of production, ...

SRAC curve is -shaped. LRAC curve falls initially due to economic of scale. But whether it falls to a certain point and then. In traditional analysis, the Long ...

Economic Rent is the difference between the actual payment to a factor and its supply price or transfer earning. In the words, Economic Rent may be defined as ...