Law of Supply
The law of supply states that supply is directly or positively related to price, other things remaining constant. It
Importance of concept of Consumers? Surplus
Importance of concept of Consumers? Surplus:
Determination of monopoly price: This concept is
Negative income elasticity of demand
If there is negative relationship between income and demand in this case income elasticity is negative. In
Features of market economy
1. No governmental intervention:
In market economy, government is facilitator not doer. It does not make the investment. It does not decide about Production,
Relatively elastic demand
If the percentage change in quantity demand is greater than the percentage change in price is known as relatively