How would you measure inflation
Measures of Inflation, which literally means proliferation, determines the certain change, or better to say increase, of the price of goods and other services. Combine measurement of the escalation of…
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Measures of Inflation, which literally means proliferation, determines the certain change, or better to say increase, of the price of goods and other services. Combine measurement of the escalation of…
Inflation is the overall general upward price movement of goods and services in an economy (often caused by a increase in the supply of money), usually as measured by the…
The income approachThe income approach equates the total output of a nation to the total factor income received by residents of the nation. The main types of factor income are: Employee…
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national…
“Kinked” demand curves are similar to traditional demand curves, as they are downwardsloping. They are distinguished by a hypothesized convex bend with a discontinuity at the bend– “kink”. Thus the…
Characteristics of oligopoly.Profit maximization conditions: An oligopoly maximizes profits by producing where marginal revenue equals marginal costs.Ability to set price: Oligopolies are price setters rather than price takers.Entry and exit: Barriers to entry…
In a monopolistic market a large number of sellers or producers sell differentiated products.It differs from perfect competition that the products sold by different firms are not identical. that is…
Monopolies derive their market power from barriers to entry – circumstances that prevent or greatly impede a potential competitor’s entry into the market or ability to compete in the market.There…
Features of monopolySingle seller: In a monopoly there is one seller of the good who produces all the output therefore, the whole market is being served by a single firm, and…
Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price they do pay. If a consumer would be willing to pay…