Define normal goods
Normal goods: Normal goods are such goods whose demand increases with the increase in income of consumer.
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
Price discrimination is not possible when: (w) arbitrage is impossible. (x) all consumers have identical demand curves for the good. (y) firms are not price takers. (z) products are differentiated. Please choose th
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
settlement range between management and the trade union
“Law of Distribution” given by Vilfredo Pareto asserts that the: (w) relative prices for goods reflect how intensively labor is used as an input. (x) the percentages of national income going to labor and to capital is a co
When an NBA all-star bets in opposition to his team in games he plays after getting the money designated in his contract, he would be describing the problem of: (1) Default a version. (2) Over achievement. (3) Moral hazard. (4) Stupidity. Q : Define production function Production Production function: This refers to the functional relationship among inputs and outputs.
Production function: This refers to the functional relationship among inputs and outputs.
When a previously competitive industry becomes monopolized along with no consequence on market demand or the structure of production costs, the effect will be: (w) higher prices and greater output. (x) lower prices and greater output.
Economic questions involving both microeconomics and macroeconomics would take in the effects on allocative efficiency and economic development of: (i) War within the Middle East and skyrocketing international prices
The removal of exploitation of labor [that is, wage payments beneath the value to society of each and every individual worker’s productive contribution] is automatic when business decision makers: (v) Should set wages via collective bargaining agreements with th
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