Define consumption function
Consumption function: The relationship among income and consumption is termed as consumption function.
Bank rate: This is the rate of interest at which central bank provides loan and advance to commercial banks.
Purely competitive industries are not described by: (i) numerous potential buyers. (ii) product homogeneity. (iii) numerous potential sellers. (iv) freedom to enter or leave the market within the short run. (v) power to adjust quantities although no p
Assume that the international auto industry has become monopolistically competitive and you run a small automaker. The events which would not directly influence your firm’s demand for labor comprise: (i) Sales of your company’s most admired car unexpectedl
Can someone help me in determining the right answer from the given options. Through the onset of World War-II, the United States: (i) Expanded the military output just by increases taxes rigorously. (ii) Moved in the direction of its production possibilities frontier.
Innovation: (w) entails financial investment to create human capital. (x) comprises the commercial introduction of a new product or production process. (y) can reasonably describe only normal accounting profit. (z) was used by John Maynard Keynes to d
When the market interest rate exceeds the rate of return you compute on an asset: (i) competition for profit must make its price rise quickly. (ii) its present value is less than its price. (iii) the market is in long term equilibrium
Since the supply of land is fixed, then the: (w) demand for land is absolutely horizontal. (x) supply of land is completely elastic. (y) demand for land is absolutely vertical. (z) supply of land is perfectly inelastic. Q : Relatively inelastic supply curve in Marginal revenue is below average revenue as [TR/Q] for a firm along with market power since: (w) the demand curve this faces is negatively sloped. (x) its supply curve is relatively inelastic. (y) marginal cost is be
Marginal revenue is below average revenue as [TR/Q] for a firm along with market power since: (w) the demand curve this faces is negatively sloped. (x) its supply curve is relatively inelastic. (y) marginal cost is be
Can someone help me in finding out the right answer from the given options. Demands for the productive resources are eventually ‘derived’ from the: (i) marginal utility they directly produce. (ii) Demands for the consumer services and goods. (iii) Disutili
The theorist who set the stage for much of the “new” theory of international trade through blending theories of monopoly and competition to suit the case of several sellers offering differentiated products was: (1) Leon Walras. (2) Vilfred
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