Define tax
Tax: It is a compulsory payment prepared by household and firm to government.
Several buyers and sellers are forced to be price-takers since: (w) vigorous competition maintains individuals from noticeably influencing the market. (x) only monopoly firms adjust quantities. (y) markets adjust slowly. (z) quantity adjustment is not
Question: a) Johnny consumes peanuts (x1) and a composite good (x2). His utility function is U = x1x2. His marginal utilities are MU1 = x<
The socially optimal production of penicillin arises while quantity: (a) Q1 is produced and sold at price P1. (b) Q1 is produced and sold at price P3. (c) Q2 is produced and sold at price P2<
Most markets into the American economy are: (i) purely competitive. (ii) primarily unregulated monopolies. (iii) blends of monopolistic and competitive tools. (iv) dominated by regulated monopolies. (v) governed through the decisions of political lead
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Please, describe me what lexicographic is and its application also.
Can someone please help me in finding out the accurate answer from the following question. Labor contracts having agency shop arrangements need: (1) Employees of a firm to give dues to the union. (2) The firm to hire just union members. (3) New employees of the firm t
Objectives: This assessment item relates to the course learning outcomes 1, 2 and 3 as listed in Part A. Question 1 (22 marks) (a) Consider the market represented by the schedule in the table below. (5 marks) Price Quantity demanded Quantity
A firm which practices predatory pricing as: (w) tends to incur short-run losses greater than its rival. (x) lowers its price to drive out its rival and then keeps the price low to discourage extra entry. (y) will sell similar amount of output as when
I have a problem in economics on Profit-maximizing monopolists. Please help me in the following question. Profit-maximizing monopolists exploit the labor since: (i) Workers are paid very less than the value of their average physical products. (ii) The
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