Define legal tender money
Legal tender money: Money which is declared legally as the medium of exchange by government is termed as legal tender money.
In the market period: (w) price is constant. (x) output is constant. (y) supply is horizontal. (z) supply is completely elastic. Please guys help to solve this problem of Economics with some explan
A huge firm may cut price and earn negative profit when a new firm enters the market so as to: (w) induce the new firm to exit. (x) build a reputation for cutting price so as to deter future entry. (y) gain market control. (z) All of the above. <
When yearly per capita income increases from $13,500 to $26,500 and custom car sales increase from 100,000 to 200,000, by using the arc elasticity formula, then the income elasticity of demand is: (i) 0.50. (ii) 0.75. (iii) 1.00. (iv)
When Cling Peach Orchards has a cost structure characteristic of peach orchards into this purely competitive industry, when the long run new competitors would most likely enter the market providing the wholesale price per bushel of peaches exceeded: (
Suppose that all these curves are infinitely long straight lines. There supply curve which is relatively (although not perfectly) price elastic for all quantities and prices is: (1) supply curve S1. (2) supply curve S2. (3) suppl
This binge drinking exercise observes why excessive drinking might be an economic trouble and the possible influences of government policy.
Select the right answer of the question. The physical export of motorcycles from the United States to Mexico best illustrates a: A) trade flow. B) resource flow. C) financial flow. D) technology flow.
Can GDP be more than GNP? Answer: Yes, GDP can be greater or more than GNP if NFIA is negative.
Within the limit pricing model of strategic behavior, there the demand curve facing a new entrant will be: (w) horizontal. (x) the difference between industry demand and incumbent sales at each price. (y) the difference between the new entrant's outpu
Suppose yearly steel sales double to 80 million tons while the price falls $40 per ton, to $180 per ton. Therefore price elasticity of demand for steel is approximately: (w) 3.333. (x) 10.000. (y) 2.500. (z) 6.667. Discover Q & A Leading Solution Library Avail More Than 1453093 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1958898 Asked 3,689 Active Tutors 1453093 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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