Define Inferior good
Inferior good: It is a good for which, other things equivalent, a rise in income leads to a reduction in demand.
The ratio of the area among the diagonal line of perfect equality and the Lorenz curve to the total area in the diagonal is the: (1) poverty index. (2) human capital coefficient. (3) needs coefficient. (4) negative-tax index. (5) Gini index.
Can someone please help me in finding out the accurate answer from the following question. The labor monopsonist will hire labor up to the point where marginal: (i) Revenue product of the labor equivalents the wage. (ii) Resource c
Of the given, the good for that demand is probable to be least price elastic is: (i) electricity used to light downtown streets. (ii) airline tickets in late December. (iii) Bic pens. (iv) chocolate milk. (v) Merit cigarettes. Q : Rational Investments and Sunk Costs Decisions are most obviously less than perfectly rational while: (1) you take a shortcut through a dark alley at 3:00 am to get home faster. (2) a brilliant student majors into art history in place of economics. (3) prisoners on death row in Texas know that tobacco ca
Decisions are most obviously less than perfectly rational while: (1) you take a shortcut through a dark alley at 3:00 am to get home faster. (2) a brilliant student majors into art history in place of economics. (3) prisoners on death row in Texas know that tobacco ca
Can someone help me in finding out the right answer from the given options. Working time gone in strikes as the percent of net working time in the United States since from the end of World War II has: (1) Rose to around 20 percent. (2) Reduced to a bit over 6 percent.
Can someone help me in finding out the right answer from the given options. Zeus got one million dollars for winning every event in current Olympics. In past, he would have frivolously exhausted his winnings on the lightning bolts, however after studying economics, he
I have a problem in economics on Normal accounting profits. Please help me in the following question. The normal accounting profits are considered by the economists to be: (i) Exploitation of the consumer. (ii) Evidence of monopoly power. (iii) Economic costs of the p
Can someone help me in finding out the most right answer from the given options. The instance of an implicit cost would be: (i) Salaries paid to the employees. (ii) Payments for repairs on the company-owned machine. (iii) Rent paid on building company utilizations. (i
The Adam Smith’s theory of wage differentials is least reliable with a case in which a: (1) Chef in the five-star restaurant earns a higher wage than cook in the fast food restaurant. (2) Security guard for U.S. firm in Baghdad is paid more than the security gua
The price elasticity of supply can be very approximately computed as the percentage change within: (w) responsiveness of price to variations within the quantity supplied. (x) quantity divided through the intercept coefficient of the supply curve. (y)
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