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- When do we say there is excess demand for a commodity in the market?
- Explain how price is determined in a perfectly competitive market with a fixed number of firms.
- If the price of a substitute(Y) of good X increases, what impact does it have on the equilibrium price and quantity of good X?
- How do the equilibrium price and quantity of a commodity change when the price of input used in its production changes?
- How is the wage rate determined in a perfectly competitive labour market?