Economics

the consumer is in equilibrium

more of the commodity can be consumed

total utility is also equal to its price

the market is not in equilibrium

at the equilibrium and causes shortage

above the equilibrium and causes shortage

below the equilibrium and causes shortage

above the equilibrium and causes surplus

there is no government intervention

the demand is the same as the supply

buyers and sellers are free to sell more goods

there is no free entry and exit

increasing returns to scale

diminishing average returns

decreasing marginal returns

decreasing average fixed cost

law of diminishing marginal returns

concept of economies of scale

law of comparative cost advantage

theory of division of labour