Define fixed cost
Fixed cost: Fixed costs refer to cost that remains constant as output modifies. For example: rent
The difference among pure competition and monopolistic competition is which: (w) monopolistic competitors generate more profit in the long run. (x) monopolistic competitors always ignore short term losses. (y) long run entry and exit is probable in pu
Labor market advises that a hike within the minimum legal wage from $5 per hour to $8 per hour will decrease: (1) the crime rate by 3,000. (2) national unemployment rates. (3) employment among unskilled workers by approximately 1,500 positions. (4) th
Whenever eating a whole pizza and realizing that the last piece didn’t taste almost as good as the first, you are experiencing is: (1) Diminishing the marginal utility. (2) Law of comparative advantage. (3) Law of income effect. (4) Law of supply.
The simple circular flow model illustrates that: A) households are on the buying side of both product and resource markets. B) businesses are on the selling side of both product and resource markets. C) households are on the selling side of the resource market and on
Price Rigidity: The other significant feature of oligopoly is price rigidity. Price is rigid or sticky at the prevailing level due to the fear of reaction from the rival firms. When an oligo
Explain the concept of a concentration ratio. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry
Explain the concept of a concentration ration. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitve industry? Explain the answer
When a price hike for regular gas from $2.00 to $2.20 reduces quantity demanded from 20 million gallons to 19 million gallons daily, and an raise in the price of premium gas from $3.00 to $3.20 decreases its quantity demanded daily from 20 million gal
Producers equilibrium signifies the stage beneath which with the help of given factors of production producer attain the level of production of which he is acquiring maximum gain.
One of the reasons for positive relationship among relative price and quantity supplied is the: (1) Technology effect, whereby bigger firms generate at lower average costs than the smaller firms. (2) Substitution effect, whereby firms switch among for
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