Define tax
Tax: It is a compulsory payment prepared by household and firm to government.
Constant shortages of a good are nearly always attributable to: (1) legal ceiling prices which are set beneath equilibrium. (2) Recessions which yield maximum unemployment rates. (3) Price gouging by firms through monopoly power. (4) Legal price floor
Describe the implication of freedom of entry and exit to the firms beneath perfect competition.
Explain the concept of a concentration ratio. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry
If $4 is Firm B's profit-maximizing price, its: A) ATC must be $4. B) MC must be $4. C) MR must be $4. D) MC must be zero. Help me to get
Marginal propensity to consume: It is stated as the measure of rate at which the aggregate consumption expenditure changes as the national income changes. MPC= C/Y
This firm’s total variable cost (TVC) equals area as: (w) 0phq2. (x) daef. (y) 0bgq2 minus area daef. (z) obgq2. Q : Can GDP be more than GNP Can GDP be Can GDP be more than GNP? Answer: Yes, GDP can be greater or more than GNP if NFIA is negative.
Can GDP be more than GNP? Answer: Yes, GDP can be greater or more than GNP if NFIA is negative.
The law of demand declares that the negative relationship exists among: (1) The purchases of poorer goods and the level of national income. (2) Unlimited demands and restricted resources. (3) A good’s price and the quantity of good people will b
Most of the mass advertising is planned to: (1) Give accurate information on product and price quality. (2) Boost output to conform to the consumer preferences. (3) Alter the consumer preferences. (4) Provide free TV entertainment and remain newspaper
what is the Production possibility frontier
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