What is meant by monopoly? Discuss the short run and long run equilibrium of firms under monopoly. ( 2016 ) Meaning of Monopoly:- “Monopoly is that market situation in which there is a single seller. There is no close substitute for the commodity that it produced. And there are barriers to entry. “ According to …
Describes the Concept of responsibility accounting. Discuss the different types of responsibility centres. Out of these centres tell about the profit centre and the investment centre. Which according to you is a better measure of performance and why ? Meaning of responsibility accounting:- It is a control device that measures the performance of the various …
Distinction between Fixed budget and Flexible Budget Fixed Budget:- It cannot be changed with the volume of activities.Whereas Flexible Budget:- It can be changed with the volume of activity. Fixed Budget:- All costs are concerned with one level of activity only.WhereasFlexible Budget:- It involves classifications of costs by their behaviour. As fixed costs and variable costs. …
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why is short run average cost curve u shaped Short Run Average cost curve is U shaped. When we see in the figure that It initially falls downwards and has reached its minimum point And after it begins to rise upward. However, the U shaped short run Average Cost Curve can be understood in two …
What are the different concepts related to Costs? Describes the relation between the average cost and marginal cost. Concepts of Costs:- Costs concepts are used in a different way in economics as following: Relation Between Average Cost and Marginal Cost We can understand their relation between Average and Marginal Cost with the help of the …
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What are the different concepts related to costs? Explain the shape of the long run average cost curve according to traditional Theory. (2016 ) ( 2017 ) Concepts of Costs:- Costs concepts are used in a different way in economics as following: As these are different types of costs are.. Types of costs Explain the …
What is a perfect Competition? How equilibrium of a firm is determined under perfect Competition in the short period and Long Period. (2017) Perfect Competition:- Perfect Competition is that market where there are a large number of buyers and sellers of homogeneous products. It is impossible to distinguish between the units being sold by them. …
What is a perfect Competition? What are its Characteristics? How is the price of a commodity determined under perfect Competition? ( 2016 ) Perfect Competition:- Perfect Competition is that market where there are a large number of buyers and sellers of homogeneous products. It is impossible to distinguish between the units being sold by them. …
Outline the difference between Management Control, Strategic Planning and Operational Control along with relevant examples. Meaning of Management Control:- It is the process of evaluating, monitoring and Controlling the various units of the organization. This process is done to see the effective and efficient allocation and utilization of resources in achieving the predetermined goals. Management …
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