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.
Only the purely competitive firm which is as well a price taker in the labor market maximizes the profit by employing labor where: (1) Quantity of the labor employed is maximized. (2) Average wage rate equivalents labor's marginal revenue product. (3) Average wage rat
A large negative GDP gap implies: A) an excess of imports over exports. B) a low rate of unemployment. C) a high rate of unemployment. D) a sharply rising price level.
When diet faddists gulp 205 million unsweetened as “No-Carb” milkshakes of $2.30 apiece, if cut back to 155 million per week while the price rises to $3.70 every, the price elasticity of their demand for shakes equivalents
This exercise inspects why ‘greywater’ dumped from cruise ships can be vision as an economic difficulty and the complexities of dealing with this.
Examine within your answer the circumstances that will enable a company to pass on cost increases to customers and protect profit margins. For example- price sensitivity of demand, rising food prices, cotton prices, etc.
In the market economies, resources are finally owned by the: (i) Corporations which dominate the economic activity. (ii) Proprietorships and partnerships. (iii) Business firms collectively. (iv) Individual house-holds. (v) Government acting as the social trustee.
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
When this profit-maximizing firm as in illustrated graph can’t price discriminate in that case this will operate where is: (1) accounting profit is positive but economic profit is zero. (2) the demand curve facing the firm is th
The additional dollar of income would be most probable to mean more to a usual poor individual than to a rich one if: (i) Efforts to raise income are proportional to the value of additional dollar earned. (ii) Each and every individual had similar total utilities from
Does Europe and- USA or China have the greatest economy?
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