Define abnormal profit
Abnormal profit: It is the gain earned over and above the normal profit.
Production within a competitive market system tends to be: (1) a process that exploits labor to the maximum. (2) geared to respond to the whims of central planners. (3) relatively efficient and low cost. (4) highly automated because labor costs more t
Line T2 depicts as in below graph a tax system which is: (i) progressive. (ii) recessive. (iii) proportional. (iv) biased. (v) regressive. Q : Consequences of the price floor Consequences of the price floor: The consequences of price floor might be: (A) Surplus of the commodity (B) The government might resort to buffer stocks to absorb the excess in the market at the support price and sells the products to consumers beneat
Consequences of the price floor: The consequences of price floor might be: (A) Surplus of the commodity (B) The government might resort to buffer stocks to absorb the excess in the market at the support price and sells the products to consumers beneat
Of the given price elasticities for market supply curves or market demand curves, and the one which is absolutely inconsistent along with standard economic theory would be one for that, across feasible ranges of prices as: (i) supply
Most historical studies intended to categorize and quantify poverty within the United States: (w) consider both assets as well as money income. (x) conclude which almost one-half of all families are below the poverty level. (y) suggest that from the 1
Supply of the labor in a perfectly competitive market is: (i) An upward sloping curve. (ii) The horizontal line. (iii) Above the MRC. (iv) Beneath the MRC. Choose the right answer from the above options.
The curve which is so inconsistent along with standard consumer theory which is based only on the substitution result, this could not possibly be a demand curve for any standard kind of consumer good is: (1) curve D1D1. (2) curve
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.
State how is a single buyer a price taker in the perfect competition? Answer: A single buyer’s share in total market demand is too significant that the buyer
I have a problem in economics on Short run for production. Please help me in the following question. In short run for production: (1) Both variable and fixed costs exist. (2) Productive capacity might be adjusted. (3) Unprofitable firms shut down. (4) No fresh workers
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