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.
Why is demand curve is beneath oligopoly indeterminate (i.e., uncertain)? Answer: Demand curve is indeterminate since of price war among sellers.
Price controls are intended to: (w) eliminate arbitrage and speculation. (x) stabilize prices. (y) make sure laissez-faire policies. (z) ignore shortages and surpluses. How can I solve my economics problem? Please
The short-run industry supply curve is found by what?
Describe the steps taken in estimating N.I. by product/ value added technique? Answer: A) Classify all production units: Locate
Total revenue (i.e., TR=PQ) for such profit-maximizing competitive firm equals area as: (a) 0P1gq5. (b) 0P1dq4. (c) 0P2cq3. (d) P2
Relative to the equally strong, smart and hard working people with minimum education, the high school graduates who invest much heavily in more advanced formal education are probable to experience the lower average: (i) Wages whenever first enter the work force. (ii)
When animal rights activists persuade several fur coat buyers to switch to micro-fiber jackets as well as pelt prices decrease from $150 to $50 each, resultant in the baby seal harvest decreasing from 18,000 to 6,000 yearly, in that case the price elasticity
Within the long run, a monopoly cannot continually produce economic profit unless: (w) economies of scale are important. (x) corporate taxes are lowered. (y) barriers to entry are significant. (z) the monopolist maximizes profit.
When the wholesale price P = $10 per bushel of peaches, it purely competitive peach orchard maximizes profit through producing ___ bushel of peaches at a total economic as profit or loss of $___. (i) zero; loss; -$4,000. (ii) 2000; lo
Society as entire benefits most when the distribution and production of penicillin corresponds to: (a) point a. (b) point b. (c) point f. (d) point d. (e) point g. Discover Q & A Leading Solution Library Avail More Than 1416680 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1955539 Asked 3,689 Active Tutors 1416680 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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