Define Inferior good
Inferior good: It is a good for which, other things equivalent, a rise in income leads to a reduction in demand.
An increase in the price of goods, outcomes in an increase in expenses on it. This demand is elastic or inelastic? Answer: Inelastic since there is direct relation
Features of Monopoly: A) A Single seller B) No close replacement available. C) No freedom for entry of new firms. D) Possibility of price discrimination.
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
If increases in market demand cause resource prices to raise, that resulting in higher average as well as marginal costs, an industry is: (i) experiencing diseconomies of scale. (ii) unprofitable in the long run. (iii) probably a natu
Can someone please help me in finding out the accurate answer from the following question. The primary reasons for the existence of firms would not comprise: (1) Collecting sales taxes for government. (2) Entrepreneurial drives for the potential gains. (3) Cutting tra
For hamburgers the demand is relatively elastic. When the price of hamburgers increases, in that case: (i) the quantity demanded will go up. (ii) its demand will increase. (iii) total revenue will increase. (iv) total revenue will reduce.
Saving is positively related to and investment is negatively related to: (1) marginal benefits and marginal costs. (2) real interest rates. (3) returns onto alternatives. (4) expectations. (5) government surpluses and deficits. Q : Question on Federal Reserve Choose the Choose the right answer from following. How many members the Board of Governors of the Federal Reserve has ? A) 5 B) 7 C) 9 D) 14
Choose the right answer from following. How many members the Board of Governors of the Federal Reserve has ? A) 5 B) 7 C) 9 D) 14
Extensive national advertising can be a form of: (1) natural barrier. (2) strategic barrier. (3) regulatory barrier. (4) price discrimination. (5) moral hazard. Can anybody suggest me the proper explanation for given problem regard
The firm probable to encompass significant monopsony power in its labor market would be: (1) Big cotton farm in the Texas hiring migrant workers. (2) Textile producer in the Hong Kong hiring factory workers. (3) Janitorial service firm in London hiring the maintenance
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