Very Short Question Answer What do you mean by perfect competition? Perfect competition is the market structure where there are too many buyers and too many sellers, each of whose output is so small in relation to total industry output that they can not affect the market price of the product. Point out features of […]
Chapter 1: Introduction
Very Short Questions Answers Define business economics. Business economics is defined as the branch of economics which deals with application of economic principles and methods for business and managerial decision making of firms. Write any five characteristics of business economics. The features of business economics are as follows: i. Business economics is micro economics. ii. […]