Define product market
Product market: It comprises of final services and goods.
Indifference curve: It is the combination of two goods that provides consumer similar level of satisfaction.
The official United States “poverty line” is based upon the cost of securing the goods essential to maintain a standard of living: (w) at a middle class level of comfort. (x) one standard deviation below the national average. (y) that is m
Government subsidies on a good because of: (w) less of the good to be produced and purchased. (x) prolonged excess demands for the good. (y) buyers to pay lower prices, when sellers receive higher prices. (z) prolonged shortages of the good.
Setting a price ceiling below the equilibrium price will: (w) bring the equilibrium price down. (x) create excess demand at the maximum price. (y) create excess supply at the maximum price. (z) clear the market at the maximum price.
For a purely competitive industry in the long run: (i) several firms exit therefore others may earn more than normal profits. (ii) established firms reap higher profits than newer firms. (iii) all resources are fixed for the industry as an entire. (iv
What is meant by the word price taker in the context of a firm? Answer: It means that firm does not contain any control over the price and it has to pursue that pri
Define aggregate supply: Aggregate supply is the money value of net or total supply of services and goods available for purchase by an economy throughout a given period.
Meaning of deflationary Gap: This is the gap among excess of aggregate supply over the aggregate demand at complete employment level.
Whenever a firm hires workers in spite of of whether the workers pay union dues, then this is: (i) A closed shop. (ii) A union shop. (iii) An agency shop. (iv) An open shop. (v) A scab shop. Choose the right answer from the above o
A monopolist which can’t price discriminate and for that variable cost is zero for all levels of output will maximize profit where is: (w) the price is the maximum any buyer is willing to pay. (x) output exhausts productive capacity. (y) marginal cost = total re
18,76,764
1947119 Asked
3,689
Active Tutors
1448140
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!