How are resources allocated in free market economy ? In a free market economy resources are privately owned, the decisions regarding what to produce or how much to produce, how to produce and for whom to produce..
Long-run market: How long-run average cost is derived? In the long period a firm can expand his plants and equipments to increase the supply of output to the increased demand. In this period a firm can vary all its inputs. The division of factors into fixed and variable disappears in the long run.
6 essential characteristic features of oligopolistic market. The term oligopoly is derived from two Greek words, Oleg’s and 'Pollen'. Oleg’s means a few and Pollen means to sell thus. Oligopoly is said to prevail when there are few firms or sellers in the market producing and selling a product.
4 most features of a monopoly market. Monopoly is an extreme form of market structure. The word monopoly is derived from two Greek words-Mono and Poly. Mono means single and Poly means 'seller'. Thus monopoly means single seller.
7 most essential features of a perfectly competitive market. Market is generally understood to means particular place of locality where goods are bought and sold. However in any particular place or locality does not mean market where goods are bought and sold.
Short essay on a visit to a market place. A market place is the place spread out in a specific area, where a variety of goods of daily requirements are available for purchase by customers.
The difference between individual demand schedule and market demand schedule are:
A capitalist economy is a form of economic organisation in which means of production viz., land and capital are owned by private people. Capitalistic economy is also known as free market economy and Laissez faire economy.
A village market is a temporary center for buying and seeing goods to fulfill the need of the locality. Permanent market is seen in town areas. But in village area, people do all kinds of shopping in weekly market. A village market may be either daily or weekly.
A perfectly competitive market has the following characteristics. (i) The market consists of buyers and sellers who are price takers. (ii) Each firm in the market produces undifferentiated and homogenous products. (iii) Buyers and sellers have perfect information about the price prevailing in the mark! About the availability of commodities at any given point of time.