Define break-even price
Break-even price: This is the price at which firms form zero normal profit.
The Blacklisting was once common however now illegal in the labor market practice of: (i) Boycotting the products of firms whose workers are on strike. (ii) Forcing the workers to sign agreements not to join the unions. (iii) Paying the union officers to systematize u
Even though property rights are fully given and cost-less enforced and transaction costs (i.e., information costs, contracting costs, and mobility costs) are nonexistent, in that case equilibria in all markets in a whole economy may a
The model of perfect competition assumes perfect mobility and perfect information. Transaction costs are not present; therefore all buyers and sellers base decisions on the best information obtainable to anyone else, as well as transportation (mobilit
explain the properties of isoquants with diagram
The advantage of a partnership is: (i) Its ease of organization as compared to the corporation. (ii) Its limited liability. (iii) Its capability to outlive the partner’s death. (iv) The lack of divergences. C
Monopolistically competitive firms: (w) profit by erecting durable barriers to entry and exit. (x) may realize pure economic profit in the short run, but not in the long run. (y) supply homogenous goods. (z) produce where marginal cost is at its minim
Why economic problems occur? Answer: This is due to unlimited or infinite wants and inadequate resources.
Which of the following below goods produces the greatest consumer surplus? (1) Free downloading to pirate your favorite songs. (2) Diamonds. (3) Water. (4) College textbooks. (5) Slices of the pizza. Choose the right answer from th
Complements: The two goods for which a rise in the price of one good leads to a reduction in the demand for other.
Describe how technological advancement influence the supply of specific product.
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