An imperfect market may be defined as the market in which prices of goods or services can easily be influenced […]
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Author: StopLearn Team 2
EQUILIBRIUM IN THE SHORT-RUN The short run is the period in which a firm can vary its output by changing […]
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Market Structure
In a physical sense, a market means a fixed place where people meet to buy and sell goods; that is, […]
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Trade Union
TRADE UNION A trade union is an association of workers formed to enable the members to take collective, rather than […]
UNEMPLOYMENT Unemployment is defined as a situation in which persons of working age, able and willing to work are unable […]
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Labour and Wages
SUPPLY OF LABOUR Supply of labour may be defined as the total number of people of working age offered for […]
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Concept of Labour Force
LABOUR MARKET Labour market is defined as a market which workers and employers are brought into contact and conditions of […]
ECONOMIC SYSTEMS An economic system may be defined as a medium or an organized way by which the means of […]
TOTAL REVENUE (TR): This refers to the total income which a firm derives from the sale of its products. Total […]
This law refers to a short run production situation. The law of diminishing returns states that as more of the […]