Define break-even price
Break-even price: This is the price at which firms form zero normal profit.
Airlines considerably decreased the number of flights accessible in the year 2005, as compared to flight availability during the year 2000. Passenger mileage was fall. Economists would be least possible to ascribe the decline in airline ticket sales throughout the ear
The income effect of a small change in wage rate in demonstrated figure of Glynn dominates the substitution effect at: (1) point a. (2) point b. (3) point c. (4) point d. (5) every point specified in the figure.
When a monopolist increases output along with elastic demand, then total revenue: (w) increases at a constant rate. (x) increases at an increasing rate. (y) increases at a diminishing rate. (z) All of the above are possible.
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The law of demand defines that when a good’s price increases, its quantity demanded will drop: (1) No matter what occurs to other variables. (2) When all as well is supposed constant. (3) Since its demand curve shrinks. (4) If substitutes become
Difference between collusive and non-collusive oligopoly. Elucidate how oligopoly firms are interdependent in taking price and output decisions.
Why is demand curve is beneath oligopoly indeterminate (i.e., uncertain)? Answer: Demand curve is indeterminate since of price war among sellers.
Due to enhancement of technology, the marginal costs of televisions encompass vanished. How will it influence the supply curve of television? Answer: Supply curve w
If demand for good falls due to increase in its own price. Then what is the change in demand termed? Answer: Contraction of demand
Can someone please help me in finding out the accurate answer from the following question. The purely competitive organization in the output market which hires from a purely competitive labor market will utilize labor at the point where VMP = W since the firm: (i) Fun
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