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WHAT IS LONG RUN COST | FIRM’S COST PRODUCTION

LONG RUN COST

What is Long Run Cost?  We know that the firm to vary only its rate of use of labor and raw materials, not the size of its plant. Because this is a limitation facing actual firms in most of their day-to-day decisions, our findings will be of great assistance to

LAW OF DIMINISHING RETURNS | DEFINITION & ASSUMPTIONS

Law Of Diminishing Returns

Law of Diminishing Returns; Whether on Crusoe's island or Manhattan Island, production involves the use of labor, land, and capital. These resources may be combined in different proportions. Which proportion to use in producing a given output is one of the decisions confronting the manager of the firm, whether he

WHAT IS MEANING OF DEMAND IN ECONOMICS | DEMAND

MEANING OF DEMAND IN ECONOMICS

Meaning of Demand In Economics: We turn now to a study of how the signal system of an enterprise economy guides resources into the uses desired by consumers. We identified the elements of the signal system as prices (including prices of resources as well as prices of goods and services),

DEFINITION & MEANING OF MARKET IN ECONOMICS | MARKET

Meaning of Market

Meaning of Market? We have deliberately refrained from defining the term "market." It should be apparent that it too is an elusive concept. The economist uses the word "market" to describe the process of exchange. It is, however, a process that always involves the following elements: "a good or service (or some

SPECIALIZATION | DIVISION OF LABOR | ADVANTAGES AND CONDITIONS

Specialization

What is Specialization? Specialization could be an approach developed by a business to deliberate on the assembly of a awfully restricted vary of product or services so as to achieve most productivity, experience and leadership within the targeted field. Firms that specialize say they get a far better come on

FREE ENTERPRISE SYSTEM | DEFINITION AND BASIC PROBLEMS OF THE SYSTEM

Free enterprise system

What is Free enterprise system? A free enterprise is basically a kind of economy where products, prices, and services are determined by the actual market, not by the government. It's capitalism, not socialism. Things that are free are unconstrained, and a business is an enterprise. So, free enterprise system refers to an economy where businesses

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