Economics

New entrances are restricted

Buyers and seller are price takers

There is only one seller of the commodity

Seller is allowed to fix his own price

become experts in all areas of production

can efficiently produce their own needs

can save time and produce more

can concentrate on all goods they can produce better

An increase in demand for Y will raise the price of X

An increase in demand for X will cause less of Y to be produced

an increase in demand for X will increase supply of Y

An increase in demand of X will leave the supply of Y unchanged

Members of the society

Debenture holders

A management committee

The government

state planning committee

government department

price mechanism

trade union