Price Ceiling and Price Floor

A price ceiling can be defined as the price that has been set by the government below the equilibrium price and cannot be soared up above that. A price floor is said to exist when the price is set above the equilibrium price and is not allowed to fall.

0 Comments

Economies and Diseconomies of Scale

Economies of scale refer, as a firm expands its production capacity, the efficiency of production also increases. It is able to draw more output per unit of input, leading to low average total costs.

0 Comments

Types of Costs

10 Types of Costs - Opportunity, Explicit, Implicit, Accounting, Economic, Business, Full, Fixed, Variable, Incremental.

2 Comments