Price Floor refers to the lowest or minimum price fixed by the government for a commodity or minimum price to be paid in the market for a commodity. What is the Price Floor? Price Floor refers to the government-imposed minimum Read More …
Price ceiling refers to the maximum price fixed by the Government to ensure the availability of essential goods to weaker sections in the society. What is a Price Ceiling? In a competitive market, the goods and services of the commodities Read More …
Simultaneous change in demand and supply on equilibrium shows the effect of increase or decrease in demand and supply simultaneously on market equilibrium point. Effect of Simultaneous change in demand and supply: We have discussed the effect of change in Read More …
The effect of Shift in supply represents the impact of an increase or decrease in the quantity supplied on the market equilibrium. The shift in the Supply Curve: It refers to an increase or decrease in supply. It occurs owing Read More …
The effect of Shift in demand represents the impact of an increase or decrease in the quantity demanded on the market equilibrium. The shift in the Demand Curve: It refers to an increase or decrease in demand. It occurs owing Read More …
Relationship between Income and Demand explains how demand is related to income. In other words, the impact of change in income of consumers on demand for a commodity is defined by this relationship. Relationship between Demand and Income: As we Read More …
Cross Price Effect shows the effect of change in the price of commodity-1 on demand for commodity-2 when both the commodities are related goods. What is Cross Price Effect: The effect of change in the price of a related good Read More …
In Economics, the “movement along the Demand curve” and “shift in demand curve” represent very different market situations. These two terms define the change in demand due to a change in its factors. Meaning of Demand Curve : Demand Curve Read More …
Oligopoly is a market structure in which there are a few sellers and a large number of buyers for a commodity. In this, The sellers offer homogenous or differentiated products by recognizing their mutual dependence. What is Oligopoly? It refers Read More …
Monopolistic Competition is a form of market in which there are many buyers and sellers of the product but the product with each seller is different from the other. What is Monopolistic Competition? It refers to a market structure where Read More …