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Perfect Competition and Monopolistic Competition

Similarities and Dissimilarities Between Perfect Competition and Monopolistic Competition

Admin012 mins

Introduction In microeconomics, understanding different market structures is fundamental to analyzing firm behavior, pricing decisions, and output determination. Two important market forms that are frequently studied are perfect competition and monopolistic competition. While both market forms share certain characteristics, they also differ significantly in key aspects such as product differentiation, pricing power, and the nature…

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Price Determination

Discriminating Price Determination: Concept, Justification, and Diagrammatic Explanation

Admin011 mins

Introduction In the study of microeconomics, pricing decisions made by firms are central to understanding market behavior. Under conditions of monopoly or market power, a seller is not bound to charge a uniform price for a product. Instead, the seller may charge different prices for the same commodity in different markets or from different consumers….

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Point and Arc Methods of Measuring Price Elasticity of Demand

Point and Arc Methods of Measuring Price Elasticity of Demand

Admin012 mins

Introduction In economics, price elasticity of demand (PED) is a crucial concept used to analyze the responsiveness of the quantity demanded of a good or service to changes in its price. Businesses, policymakers, and researchers rely on elasticity measurements to make informed decisions regarding pricing, taxation, subsidies, and market regulations. The concept of elasticity goes…

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Wholesale Price Index (WPI) and Consumer Price Index (CPI)

Difference Between Wholesale Price Index (WPI) and Consumer Price Index (CPI)

Admin010 mins

Introduction Inflation measurement plays a crucial role in understanding the health of an economy. Governments, central banks, businesses, and individuals depend on inflation indicators to make informed decisions about investment, consumption, and policy formulation. Two of the most widely used indicators for measuring inflation are the Wholesale Price Index (WPI) and the Consumer Price Index…

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Inflation

Inflation: Meaning, Types, Causes, Effects, and Measures

Admin014 mins

Introduction Inflation is one of the most discussed concepts in economics because it affects every individual, household, business, and government. At its core, inflation represents a general rise in prices over a period of time. While moderate inflation is often considered a sign of economic growth, uncontrolled or excessive inflation can destabilize economies and harm…

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GATT and the World Trade Organization

From GATT to WTO: The Uruguay Round and Global Trade Transformation

Admin013 mins

Introduction International trade is the backbone of modern globalization, and its regulation has been one of the most significant challenges since the 20th century. Countries often face conflicts over tariffs, subsidies, and trade restrictions, which, if unresolved, can escalate into trade wars. To prevent such outcomes and promote a rules-based system of trade, global institutions…

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export promotion

Export Promotion in India: Measures, EPZs, SEZs, and AEZs

Admin012 mins

Introduction Export promotion is a critical aspect of economic policy for a developing country like India. Exports not only generate valuable foreign exchange but also create employment opportunities, foster industrial growth, and strengthen international trade relations. The Government of India has adopted a variety of measures to boost exports, ranging from policy reforms to institutional…

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