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By Pareek, Saroj

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2. A large number of buyers and sellers. 3. An area or region which may be a village, a city, a country or the whole world, 4. Competition between buyers and sellers. When there is perfect competition between buyers and sellers, there can be only one price for the commodity at any given time. Some allowance may be made for cost of tran~portation from one part of the market to another. Classification ofMarkets : Markets may be classified in respect of (a) Space and (b) Time. 40 Important Terms Used in Managerial Economics Under space, we may have, 1.

3) Rent Theory of Profit: This theory was introduced by Walker, who considered profit as a form of rent. He says that owner earns profit in the same way as land earns rent. Marshall has criticized theory for the following reasons : (a) Whereas rent on land is in the form of surplus earnings, profit is not. (b) Land may produce zero or positive, zero or negative rent whereas net profit may be positive, zero or negative. (12) Annuity : An annuity is a series of equal payments occurring at equal periods of time.

It can change at any time. The market price of a commodity at a certain time is determined by the interaction of the forces of demand and supply. No buyer will be prepared to pay anything more than the marginal utility of the commodity to him. He would rather pay less. On the other hand, no seller is prepared to accept anything less than the cost of production of the commodity to him. He would like to charge as high a price as possible. Marginal utility and marginal cost of production are the two limits.

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