In which area is the public sector most dominant in India?

 

The long-run aggregate supply curve is vertical because it is at the full-employment or potential output. Because the economy's potential output is determined by the availability and productivity of real resources, not by the price level. That means that even if demand increases, firms can't hire new workers and expand because everyone is already working.

A business owned by one person and operates for their benefits is called as Sole Proprietorship or sole trader.

Most electric, gas, and water companies are examples of natural monopolies. Utilities like water, electricity and gas are essential services that play a vital role in economic and social development.

Money spent by the government on government programs such as road work, electricity work, manhole, etc... that are aiming to contribute to the nation's social welfare in long and short term are referred to as Goverment Expenditures.

Cost variance is nothing but the difference between the actual incurred cost and the estimated standard cost. This can be occured due to any changes in the volume of goods or services ordered. 

A favorable cost variance occurs when the actual incurred cost is less than the standard cost estimated before the production.

Capitalism is an economic system in which private entities or businesses own capital goods.

Administered prices are prices set by government or firms which are not determined by regular market forces. They do not vary in response to short-run fluctuations in demand and supply conditions.

Examples include price controls and rent controls.