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.
It is the yield of marketable crop produced per unit of water used in evapotranspiration -
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Based on the design, there are commonly four types of share. Which of the following is NOT among the four?
The condition where the plant is unable to produce a zygote with its own pollen is called as?
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