Define price floor
Price floor: Price floor refers to the lowest amount price fixed by the government over the market determined price and hence the producers of the necessary items such as wheat, rice and so on might not experience losses.
Long run economic profits for monopolistic competitors are prohibited by: (w) easy entry and exit. (x) the kinked demand curve. (y) barriers to entry. (z) diminishing marginal returns. Please choos
Can someone help me in finding out the right answer from the given options. Industrial unions are proposed to organize all the workers in: (i) A specific company. (ii) The United States. (iii) Particular skill or the craft. (iv) Particular occupation. (v) Specific ind
Types of Surveys: Surveys can be classified by their method of data collection. Mail, telephone, and in-person interview surveys are the most common. Extracting data from samples of records is also frequently done.
How the demand for one good alters while the price of an associated good is changed is measured through the: (w) relative ratios of the slopes of the respective demands and supplies. (x) price cross elasticity of demand. (y) ratios of the respective p
When only Q0 papayas reached the market in that case: (1) desperate buyers would be willing to pay only P1 per papaya. (2) production costs would exceed P2 per papaya. (3) buyers would be indifferent regarding getting additional papaya
What is the Expected Rate of Inflation. Illustrate the term.
The cross-elasticity of demand measures as: (1) the changes in quantities sold when the price of related good changes. (2) changes within the prices of substitute goods. (3) changes within the prices of complementary goods. (4) how quantities sold cha
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.
The firm in a perfectly competitive resource market which consists of market (monopoly) power in its output market will hire the resources to a point where: (1) w = MRP. (2) VMP = MRP. (3) w = VMP. (4) MFC = w. Can someone please h
In which market form, the firm is a price taker? Answer: In Perfect competition
18,76,764
1938678 Asked
3,689
Active Tutors
1457109
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!