Characteristic of a purely competitive firm
A purely competitive firm: (w) faces a perfectly inelastic demand curve. (x) sets its own price. (y) is a price taker. (z) sells a differentiated product. Can someone explain/help me with best solution about problem of Economics...
A purely competitive firm: (w) faces a perfectly inelastic demand curve. (x) sets its own price. (y) is a price taker. (z) sells a differentiated product.
Can someone explain/help me with best solution about problem of Economics...
Supply curves for different kinds of capital goods are usually: (w) perfectly elastic. (x) perfectly inelastic. (y) upward sloping. (z) downward sloping. Can anybody suggest me the proper explanati
A monopolist can produce economic profits while: (w) average fixed costs [AFC] are very high. (x) average total costs [ATC] lies above the demand curve. (y) at least some portion of the average total costs [ATC] curve lies below the d
I have a problem in economics on Law of Equal Marginal Advantage. Please help me in the following question. The very last cents spent on each and every good should give up equivalent subjective profits according to the principle of: (i) Subjective pre
The law of supply defines that, other things equivalent: (1) Quantity supplied differs inversely with price. (2) A good’s supply is positively associated to its demand. (3) Quantity supplied is positively associated to price. (4) Prices and cost
Characteristics of industries which are not characteristics internal to operations of an individual firm include: (1) potential principal-agent problems. (2) diseconomies of scale. (3) production costs which either increase or decrease like the size of a market not su
Under the negative income tax system demonstrated in this figure, a family of four along with no earned income would have a net after-tax income of: (1) $15,000 per year. (2) $10,000 per year. (3) $5,000 per year. (4) $2,500 per year. (5) $0 per year.
Which of the statements regarding elasticity is correct? A) Supply is more elastic in the short run than in the long run. B) Demand is more elastic in the short run than in the long run. C) Demand is more elastic when a large number of substitute goods are avail
Can GDP be more than GNP? Answer: Yes, GDP can be greater or more than GNP if NFIA is negative.
Entry of new firms within a monopolistically competitive market: (1) is preventable. (2) may decrease the established firm’s production costs. (3) increases the established firm’s profits. (4) shrinks demand for a successful firm’s p
Deficit budget: When expenditure of the government is greater than its receipts, it is termed as deficit budget.
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