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why cotton textile tndustry is a microeconomic study
When the preference for current consumption over future consumption strengthens, in that case the: (w) interest rate rises. (x) interest rate falls. (y) present value of future income rises. (z) interest rate remains the same. How
When Prohibition Corporation maximizes profit in its production of St. Valentine’s Day software, so annual total revenue of it will be around: (1) $140 million. (2) $250 million. (3) $320 million. (4) $420 million. (5) $1 billio
Individual pure competitive firms as well as firms along with market power may each be capable to: (i) reduce average total costs by increasing the size of its operations or economies of scale else decreasing the size of its operations [as diseconomie
Describe how changes in the prices of other products influence the supply of a specific product.
An income elasticity of demand for a good equivalent to two implies roughly that: (1) demand curves for the good slope upward. (2) the product is an inferior good. (3) each 1% gain in income boosts the amount sold through 2%. (4) a 20% gain in income
In an oligopoly, as opposite to monopolistic or pure competition, industry output within the long run is probable to be: (1) lower along with reduced prices. (2) about similar but with higher prices. (3) lower and with higher prices.
Why the coefficient of price elasticity of demand is is negative?
Can there be certain fixed cost in long run? If not why? Answer: No, there can’t be any fixed cost in long run. The main reason is that there is no fixed inpu
A strategy probable to make a cartel successful would be for cartel members to: (w) give slightly differentiated outputs. (x) stagger the amounts by which they raise prices. (y) prevent entry and set production quotas which are enforceable. (z) mainta
Under pure competition, there is marginal social benefit will equivalent marginal social cost unless: (w) “hit and run” entrepreneurs prosper. (x) economic profits are zero. (y) there are externalities. (z) entrepreneurs a
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