SELECTION PROCESS-AN OVERVIEW: The selection process starts after the process of recruitment. While recruitment is an effort to attract more and more persons to apply for the job, selection process involves eliminating unsuitable persons and selecting only those candidates who are suitable for job. Hence recruitment is termed as a positive process whereas selection is referred [...]
# INTRODUCTION TO MONOPOLISTIC COMPETITION : We already know about the two extreme situations of market, namely perfect competition and monopoly. But in real life, situation is the mid way between these two extremes. This is Monopolistic competition also referred as imperfect competition. Monopolistic competition is a market structure, wherein there are many sellers of a commodity, but the [...]
Profit maximization is a process by which a firm determines the price and output of a product that yield the greatest profit. A producer's equilibrium is a situation in which he maximizes his profits and minimizes his loss. There are two methods for determination of Producer’s Equilibrium: Total Revenue and Total Cost Approach (TR-TC Approach) Marginal [...]
INTRODUCTION : Economics is all about human behavior, concerned with allocation of scare means in such a way that consumers can maximize their satisfaction, producers can maximize their profits and society can maximize its social welfare. It is broadly classified into two parts : Micro economics Macroeconomics Microeconomics studies economic relationships or problems at an individual [...]