Question
In which of the following models, price  is driven
down to marginal cost?Solution
Interesting fact about Bertrand model is that it’s the same outcome that would have occurred if they were in a perfectly competitive market because competition would have driven prices down to marginal cost. So, in a situation where competition is based on price and the good is relatively homogeneous, as few as two firms can drive the market to an efficient outcome.
In India, how is the Rule of Law regarded in the context of the Constitution and natural justice?
If the donee dies before the acceptance of the gift, the gift is:Â
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Which of the following is the correct spelling?
