Define Marginal Utility
Marginal Utility: It is addition more to the net or total utility as consumption is increased by one more unit of commodity.
Can someone please help me in finding out the accurate answer from the following question. The monopsonist will hire the labor until labor's marginal resource cost equivalents the: (i) Marginal revenue product of the labor. (ii) Marginal physical product. (iii) Value
Please provide me answer of this question. What will be the implications for consumer's preferences and her indifference curves if the axiom of transitivity does not hold?
The price elasticity of supply as in below demonstrated figure is unitary within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D. Q : Compare firms with substantial market Compared to Firms A and B as well as C, Firm D is: (1) a firm along with substantial market power. (2) a pure price taker and quantity adjuster. (3) least possible to generate economic profit in the long run. (4) a total revenue maximizer when it produces output level
Compared to Firms A and B as well as C, Firm D is: (1) a firm along with substantial market power. (2) a pure price taker and quantity adjuster. (3) least possible to generate economic profit in the long run. (4) a total revenue maximizer when it produces output level
A city government trying to pass an excise tax for that the economic burden would be borne strictly through the seller will succeed when this imposes a tax on a good for that the price elasticity of: (i) demand is unitarily elastic. (
When economies of scale in producing a product persist across the complete range of market demand as: (w) pure competition is the most efficient market structure. (x) competition will prevent monopolization of the industry. (y) compet
In equilibrium, the relative value of an additional unit of a good to a specified consumer is approximately proportional to the: (w) marginal revenue to the firm that sold the good. (x) marginal production cost of the good. (y) relative market price of the good. (z) a
By using the production possibility frontier, revel that if a society decides to produce more capital goods associated to consumption goods in year 1, then in year 2 there will be more consumption goods.
The degree of inequality of income in between households and individuals is the: (w) marginal productivity theory of income distribution. (x) functional distribution of income. (y) distribution of wealth. (z) size distribution of income.
Short-run market supply curve of a competitive industry is derived by summing all the firms’: (1) average cost curves vertically. (2) short-run supply curves horizontally. (3) production capacities along with the resources available. (4) individ
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