Distinction between monopoly and monopolistic competition: The following are the main difference between monopoly and monopolistic competition: Monopoly ...

As agent is only a connecting link between his principal and third party. He cannot, as a rule, personally enforce the contract entered into by ...

The sign of price elasticity of demand is negative due to inverse relationship between price and quantity. In the words of Lipsey, "Because of the negative ...

Dividend refers to that portion of the profits of a company which is allocated to the members of the company by a formal declaration in the annual general ...

The Concept of Excess Capacity in Monopolistic Competition. Monopolistic competition refers to a market structure in which there are many firms selling ...

Theory of notional extension of employment, To make the employer liable, it is necessary that the injury caused by an accident must have arisen in the course ...

Long-Run Theory of Cost. When all inputs can be varied, there is a least-cost method of producing each possible level of output. Thus, with given input ...

Employee:  Employee means any person who is employed for hire or reward to do any work in a scheduled employment in respect of which minimum rates of wages ...

Mistake One of the essential elements of a valid contract is the  free consent of the parties to it. The parties are said to be having or providing a free ...

Section 17 has defined fraud: Fraud means and includes any of the following acts committed by a party to a contract, or with his connivance, or by his agent, ...