Alfred Marshall (1842-1924) was a British Economist. He was one of the most influential figures in the development of modern microeconomics. His ideas in the famous book "Principles of Economics"…
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…
The theory of demand and supply includes the law of demand and the law of supply. These laws explain the behaviour of demand and supply in response to changing prices.…
