Price control refers to government intervention in the market where a price higher or lower than the equilibrium price is fixed by the government to protect the interests of the…
Market equilibrium is a situation where the quantity demanded of a commodity is equal to its quantity supplied. The price and quantity associated with this equilibrium are known as equilibrium…
In economics, the concept of elasticity holds special significance. Economists deal with various types of elasticity such as price or income elasticities of demand. In many cases, it is preferred…
