Study Material

National income refers to the total value in money of all goods and services produced within a country for a…

Ex ante demand is the amount of demand estimated or projected before the actual market event. It refers to forecasting…

Equilibrium of a firm in perfect competition refers to where a firm maximizes profits by changing the output levels in…

A closed economy is an economic system where international trade is not practiced, and hence the country solely depends on…

Demand, supply, and market equilibrium are the fundamental concepts of economics explaining the interaction between buyers and sellers in any…