Monopoly is a market structure where a single production unit controls the production of a commodity or service that has…
The economic significance of the law: 1. It guides the producer in deciding the appropriate quantity of a variable factor…
The law of diminishing marginal returns states that if increasing units of variable factors of production are combined with a…
The demand for bread can increase due to the following factors i. Increase in the number of consumer populations. ii.…
The advantages of the sole proprietorship over the limited liability company are: i. Personal interest: The sole proprietor has personal…
Factors responsible for rapid population growth in Nigeria: i. Increase in birth rate occasioned by such factors as early marriages,…
Thomas Malthus wrote his essay on the principle of population at a time when population was growing rapidly in England.…
i. To enable consumers make the best use of their resources so as to obtain maximum satisfaction. ii. It guides…
Advantages of division of labour includes: i. Saving of time ii. Greater output iii. Reduction of fatigue iv. Reduction of…
Disadvantages of division of labour: i. Monotony breeds boredom and loss of interest in the job ii. There is greater…