Define product market
Product market: It comprises of final services and goods.
When the price of a financial asset of price $10,000 and the interest rate is 10 percent, investment is NOT justified for: (w) a perpetuity paying $1,000 annually. (x) an asset paying respectively as $5,000, $4,000, a
The prospects for getting rich by buying assets at prices substantially below their present values are dampened by the: (w) special advantages you have in securing investment information. (x) lack of competition for information regarding profit opport
Economic rent is: (1) determined by the supply side. (2) independent of the strength of demand. (3) received whenever owners receive a constant price for a resource that supply curve is upward sloping. (4) included in society's opportunity costs of pr
A monopolist operates in two separated markets. The inverse demand functions ofthose markets are given by and where arethe quantities supplied to these markets, respectively. The total cost function facedby the monopolist is &nbs
The concept that people must have income in proportion to their productivity is termed as the: (1) equality standard of distribution. (2) productivity standard of distribution. (3) needs standard of distribution. (4) utility standard
Relative to a requirements standard for distributing income, in that case the adoption of an equality standard would most likely tend to be: (w) unarguably fairer. (x) less bureaucratic. (y) more harmful to work incentives. (z) clearly less fair.
A firm which realizes an economic profit in the short run will carry on generating economic profits in the long run only when: (i) it maximizes economic revenue. (ii) barriers to entry prevent entry from rival firms. (iii) its managers minimize princi
The form of elasticity which economists commonly state like an absolute value since this is classically negative is the: (1) price elasticity of supply. (2) income elasticity of demand. (3) price-cross elasticity of supply. (4) price-
Marginal revenue: This is the change in total revenue by selling one more or a lesser amount of unit of commodity.
I have a problem in economics on Problem on Categories of Goods. Please help me in the following question. The produced tangible good is termed as a: (i) Consumable. (ii) Service. (iii) Commodity. (iv) Utility. Sel
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