Examlex

Solved

According to You, How Can the Problem of Being Too

question 56

Essay

According to you, how can the problem of being too locally responsive be solved? Justify your answer.


Definitions:

Marginal Cost

The growth in complete costs associated with creating another unit of a good or service.

Total Revenue

The total amount of money received by a company from the sale of its goods or services.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.

Profit

The financial gain realized when the revenue from selling goods or services exceeds the cost of production.

Related Questions