Define average cost
Average cost: It is the cost per unit of output.
Can someone help me in finding out the right answer from the given options. In short run for a competitive market, a raise in the supply will generally: (1) Raise demand. (2) Not affect the equilibrium price. (3) Lower equilibrium price. (4) Increase equilibrium price
The individual or organization which simultaneously purchases low and sells high in various markets is a/an: (i) Elevator. (ii) Speculator. (iii) Analyst. (iv) Arbitrageur. (v) Operator. Can someone please help me in finding out th
Assume that a monopolist face a stable negatively-sloped demand curve. Making more sales needs the monopolist to: (1) advertise its product. (2) decrease the price of the product. (3) lower its marginal revenue. (4) improve its technology. (5) increas
When a monopolist which does not price discriminate raises its output, the firm’s total revenue: (w) should rise. (x) will rise when demand is elastic. (y) will rise when demand is inelastic. (z) will rise when marginal revenue = 0.
When Ford raises pickup truck prices 20 percent and Chevy pickup sales rise 12 percent, in that case these goods are _____ as well as their cross elasticity coefficient is approximately _____. (w) complements; 0.6. (x) substitutes; 0.6. (y) subs
Complements: The two goods for which a rise in the price of one good leads to a reduction in the demand for other.
Pure competition yields economic efficiency through: (w) punishing profit maximizing behavior. (x) forcing firms to adopt the least costly technologies available. (y) generating high profits as incentives. (z) rewarding entrepreneurs
Can someone please help me in finding out the accurate answer from the following question. The raise in the quantity supplied of frozen vegetarian lasagna would be most probable to outcome from raise in the: (i) cost of ingredients in the vegetarian lasagna. (ii) Numb
Can there be certain fixed cost in long run? If not why? Answer: No, there can’t be any fixed cost in long run. The main reason is that there is no fixed inpu
Which of the given statements, if true, seems most probable to yield behavior which would conflict with the law of demand? (i) People cannot afford to drive as much whenever the price of gasoline goes above $3.00 per gallon. (ii) The greater heroin addicts encompass i
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