Competitive market
What do you mean by the term Competitive market?
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Competitive market: A competitive market is a market, in which there are lots of buyers and sellers of an identical product and hence each has an insignificant impact on the market price. Other kinds of markets comprise monopoly, in which there is just one seller, oligopoly, in which there are some sellers which do not always compete forcefully, and monopolistically competitive markets, in which there are lots of sellers, each providing a slightly distinct product.
1. Examples of command economies are: A. The United States and Japan. B. Sweden and Norway. C. Mexico and Brazil. D. Cuba and North Korea.
"The economic cost of unemployment is measured by the GDP gap." Explain this statement. ?
Describe any two measures by which a Central Bank can attempt to decrease the gap. Answer: Central bank can decrease this gap by adopting two measures illustrated b
Voluntary unemployment: It refers to a condition when person are not willing to do work at customary market wage rate, though they are receiving a work.
planned investment. planned saving. the difference between planned saving and actual saving. the difference between planned investment and actual saving.
When doubling your viewing of soap operas to 16 hrs per week reasons your IQ score to drop/fall from a mastermind level of 140 to a sluggish 70, your TV elasticity of brain power will be: (i) + 1.0. (ii) zero. (iii) – 1.0. (d) +0.5. (e) -0.5.
Predictions which restricting international trade to protect specific industries and “infant” firms would (a) inefficiently decrease aggregate output and employment, (b) raise the market power of the protected firms and their workers, and
When you pay a straight A student in advance to write up your term paper and that person expends the money on a party and then, hung-over, can’t do a good job and hence you wind up with an F for submitting sloppily written gibberish, you encompass just suffered
When firms bear the legal incidence of a tax, this is backward shifted while: (1) firms burden consumers by raising their prices. (2) the tax burden is borne by workers in the form of lower wages. (3) resource suppliers seek higher factor payments to
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