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.
Describe the causes of Increase in demand?Answer: 1) Increase in income of the consumer.2) Price of substitute goods increase.3)
Can someone please help me in finding out the accurate answer from the following question. Failing to lock your door whenever you go out since you have theft insurance is an illustration of the trouble of: (1) Indifference. (2) Apathy. (3) Moral hazard. (4) Market pow
Governmentally-imposed obstacles to the entrance of new firms within a market are termed as: (1) regulatory barriers or legal barriers to entry. (2) strategic barriers to entry. (3) natural barriers to entry. (4) tax barriers to entry. (5) revenue blockades.
An industry comprised of a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions is called: A) monopolistic competition. B) oligopoly. C) pure monopoly. D) pure competition.
Describe the relationship among Average Variable Cost (AVC) Average, Total Cost (ATC) and marginal Cost (MC)? Answer: A) If MC
When the income elasticity of market demand is negative, in that case most consumers view the good as: (w) a luxury good. (x) having several imperfect substitutes. (y) an inferior good. (z) a normal good. Hey frien
When this monopolistic competitor produces Q units, this is maximizing: (w) sales development and its market share. (x) total revenue. (y) economic profits. (z) total fixed cost and its managers' salaries.
Describe firm’s supply curve in short run, operating in perfect competition? Answer: It is a MC curve of the firm beginning from a point where MC = AVC (that is, minimum).
Calculating the price elasticity of demand for DVD games for a price variation from $50 to zero in such demand curve is: (w) 0. (x) infinity. (y) mostly meaningless since elasticity changes continuously over such range. (z) 1.5. Q : Influence of discount on Income Effect Jay saved $200 to purchase a Zowie digital camera following her friend showed Jay the Zowie she purchased for $200 at a close by camera store. Fortunately the camera was on sale for $150 all through a one-hour ‘Manager’s Special’ sale when Jay ultima
Jay saved $200 to purchase a Zowie digital camera following her friend showed Jay the Zowie she purchased for $200 at a close by camera store. Fortunately the camera was on sale for $150 all through a one-hour ‘Manager’s Special’ sale when Jay ultima
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