Define equilibrium price
Equilibrium price: The Equilibrium price refers to a price at which the market demand and market supply are equivalent.
James has watched a latest blockbuster film twice a week for the precedent three weeks and can now narrate most of the dialogue. He is probably starting to experience: (1) Disequilibrium. (2) Diminishing the marginal utility. (3) Diminished capacity. (4) Clinical depr
The law of supply is graphically exhibited by the supply curve which is: (1) Moving all along the demand curve. (2) Vertical. (3) Upward-sloping. (4) Downward-sloping. Can someone please help me in finding out the
Supply is unitarily price elastic for all quantities and prices upon: (i) supply curve S1. (ii) supply curve S2. (iii) supply curve S3. (iv) supply curve S4. (v) supply curve S5. Q : Equilibrium quantity and price Elucidate the consequence of an increase in demand of a commodity on its equilibrium quantity and price? Answer: Increase in demand causes a rightward shift in the
Elucidate the consequence of an increase in demand of a commodity on its equilibrium quantity and price? Answer: Increase in demand causes a rightward shift in the
A large negative GDP gap implies: A) an excess of imports over exports. B) a low rate of unemployment. C) a high rate of unemployment. D) a sharply rising price level.
Firms which discourage the workers from discussing their salaries or wages are most likely engaged in the policies of: (i) Respect for the worker’s privacy. (ii) Monopolistic exploitation. (iii) Perfect competition. (iv) Cooperation rather than competition. (v)
Both level of the employment by a firm and the average rate of monopsonistic exploitation of labor are raised when a firm is capable to: (1) Outsource by hiring low productive workers in the foreign countries. (2) Replace the workers with automation by an industrial r
I have a problem in economics on Automation and Wage Rates. Please help me in the given question. When physical capital becomes cheaper: (i) Some of the workers might be displaced however worker productivity as a rule rises. (ii) Automation will
In a purely competitive industry, the individual firm: (i) can raise the quantity demanded by lowering the price of its product. (ii) experiences substantial economies of scale. (iii) faces a completely inelastic demand curve. (iv) cannot influence th
If demand for good falls due to increase in its own price. Then what is the change in demand termed? Answer: Contraction of demand
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