Define abnormal profit
Abnormal profit: It is the gain earned over and above the normal profit.
Can someone please help me in finding out the accurate answer from the following question. The Accounting profits differ from economic profits in such a manner that: (1) Accounting profits take into account of opportunity costs, whereas economic profits take into acco
When a purely competitive industry is into long run equilibrium, in that case the total: (w) costs of all the firms’ combined outputs are minimized. (x) revenues of the industry are maximized. (y) welfare of society is at its mi
The individual who wants to begin up a business, however who not want to risk in losing personal property if the business fails, must organizes the business as: (1) Sole proprietorship. (2) Partnership. (3) Corporation. (4) Unlimited partnership. Q : Money functions Give me answer of this Give me answer of this question. Money functions as: A) a store of value. B) a unit of account. C) a medium of exchange. D) all of the above.
Give me answer of this question. Money functions as: A) a store of value. B) a unit of account. C) a medium of exchange. D) all of the above.
The theory about land derives its value primarily by how much its location conserves on transaction costs is attributable to: (a) Johann H. von Thünen. (b) Adam Smith. (c) Richard Cantillon. (d) David Ricardo. (e) Reverend Thomas Robert (“B
A monopolistically competitive firm: (w) confronts a perfectly elastic demand curve. (x) is a price taker. (y) faces stiff competition from many competitors producing close substitutes for its product. (z) consciously considers potential responses by
Describe firm’s supply curve in short run, operating in perfect competition? Answer: It is a MC curve of the firm beginning from a point where MC = AVC (that is, minimum).
Price ceilings tend to purpose of: (a) opportunity costs to decline. (b) monetary prices to rise legally. (c) shortages of price controlled goods. (d) black markets to disappear. (e) surpluses of goods at inflated prices. Q : Wage differentials-union and nonunion I have a problem in economics on Wage differentials-union and nonunion workers. Please help me in the following question. The wage differentials among union and nonunion workers encompass historically averaged roughly: (i) 10% to 15 %. (ii) 5% to 10%.
I have a problem in economics on Wage differentials-union and nonunion workers. Please help me in the following question. The wage differentials among union and nonunion workers encompass historically averaged roughly: (i) 10% to 15 %. (ii) 5% to 10%.
What is the reason that production possibilities curve concave? Elucidate.
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