Competitive market
Select the right answer of the question. A competitive market will: A) achieve an equilibrium price. B) produce shortages. C) produce surpluses. D) create disorder.
Price variation tendencies are indeterminate while we know simply that: (1) super star salaries make this hard for team owners to meet rising demands for sporting events. (2) more people main in music although demands for musicians are falling. (3) oi
Unlike the competitive employers, profit-maximizing firms with the monopsony power will: (1) Set any salary they want and hire as lots of workers as they want. (2) Make any amount and charge any price they desire for output. (3) Be expected to try to make the most of
Describe the relationship among Average Variable Cost (AVC) Average, Total Cost (ATC) and marginal Cost (MC)? Answer: A) If MC
An increase in the income of Consumer X leads to fall in demand for that good by that consumer. Name the good X termed? Answer: Inferior good
When a firm along with market power raises the price of a good a little, total revenue as: (w) falls in the inelastic range of the demand curve. (x) rises over the elastic range of the demand curve. (y) stays close to zero in the unit
Choose the right answer . A positive statement is concerned with: A) some goal that is desirable to society. B) what should be. C) what is. D) the formulation of economic policy.
Of the given firms, the probably to be a price taker would be a: (i) sheep herder in a remote part of New Zealand. (ii) local gas and electric company. (iii) sculptor’s agent who contacts potential buyers through the internet. (iv) small town&rs
Question: (1) Suppose the jeans industry is an oligopoly in which each firm sells its own distinctive brand of jeans, and each firm believes its rivals will not follow its price increases but will
A Lorenz curve can be utilized to demonstrate the: (w) functional distribution of income. (x) income necessary to maintain specified living standards. (y) demand for low wage labor. (z) cumulative percentage of income received by cumulative percentage
Can someone help me in finding out the accurate answer from the given options. In short run, the demand for a normal good increases when: (i) Income become less uniformly distributed. (ii) The prices of complementary goods increase. (iii) National income mounts. (iv)
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