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Economics For Managers - Session 02

Economics For Managers - Session 02

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Published by Abimanyu NN
ECONOMICS FOR MANAGERS
ECONOMICS FOR MANAGERS

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Categories:Types, Business/Law
Published by: Abimanyu NN on Oct 18, 2011
Copyright:Attribution Non-commercial

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06/23/2013

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PSG INSTITUTE OF MANAGEMENTMBA 2011-13 BATCH - I Trimester Session II- For Batch C and D
 
e oncep o a reeMarket
Free markets are efficient:Suppliers andconsumers react fairly fast to changes inmarket conditions in making their outputand purchasing decisions; resourceallocation within the economy is quick toadapt to the new conditions.
The market is impersonal:Prices andlevels of output are arrived at as a resultof numerous decisions of consumers andsuppliers and NOT as a result of government or political regulation.Free markets are based on assumptionsthat there is perfect competition
17th Aug 20112EFM Fac
 
ulty P.Uday Shankar 
 
Perfect Competition
Each market has a large number of competing firms
Each firm produces a homogeneousproduct
Each firm has only a small share of the market
Consumers and producers haveperfect information about marketsand prices
There is perfect mobility of factors of production
17th Aug 2011EFM Faculty P.Uday Shankar3

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