Define average cost
Average cost: It is the cost per unit of output.
Types of market in economy: There are two kinds of market in this economy: Factor market-for Factors of Production and Product market-for goods and Services.
A minimum legal wage of $5 per hour in this market for unskilled labor would: (w) have no effect on employment or the wages paid. (x) create new jobs for 3,000 unskilled workers. (y) move some low-skilled workers above the poverty line. (z) create une
What do you mean by the marginal cost of capital?
Choose the right answer . A positive statement is concerned with: A) some goal that is desirable to society. B) what should be. C) what is. D) the formulation of economic policy.
A vertical demand curve (when one existed) would be ____________ _____________ during its entire range when a horizontal demand curve is ____________ ____________: (w) relatively price inelastic; perfectly price inelastic (x) perfectly price elastic; perfectly price i
Kinds of output subsequently used to generate other goods are termed as: (w) land. (x) labor. (y) capital. (z) primary resources. Hey friends please give your opinion for the problem of Eco
A perfectly competitive market within the long period: Data firm A: ATC = y2 4y + 12 an
Which of the following lists includes only capital resources (and therefore no labor or land resources)?
While total revenue decreases because of an increase within price the firm is operating into the_________ portion of consumers' demand curve. (1) relatively elastic. (2) relatively inelastic. (3) unitary elastic. (4) perfectly inelast
One of the major disadvantages of the corporation is: (i) Double taxation of its gains. (ii) Its incapability to outlive the death of an owner. (iii) Its unlimited liability. (iv) Its inability to increase the financial resources.
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