Define tax
Tax: It is a compulsory payment prepared by household and firm to government.
Supply of labor in perfectly competitive market
The fact that a firm along with market power adjusts output depending upon both cost conditions and the features of the market demand curve means that: (w) the amount which a monopolist produces tends to be more volatile than the outp
An industry comprised of a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions is called: A) monopolistic competition. B) oligopoly. C) pure monopoly. D) pure competition.
When there is an excess in the balance of trade? Answer: When export > import (that is, when export is greater than import).
Refer to the following data. Equilibrium price will be: A) $4. B) $3. C) $2. D) $1. Give the answer of above questaion
On an average, American families with more income tend to contain fewer children than families with less income. This fact recommends that, at least from a purely statistical perspective, the American children are: (1) Inferior goods. (2) Substitute goods for the cats
When a successful cartel which cannot price discriminate maximizes the joint profits of its members: (1) the marginal social benefits of additional output exceed the marginal social costs of output. (2) this is impossible for any consumer to gain with
Declines within the international price of oil would be probably to cause the: (w) wages of bicycle factory workers to raise. (x) demand for automobiles to decrease. (y) incomes of geologists and petroleum engineers to fall. (z) price of home insulati
In spite of of whether a firm is a pure monopoly or operates within a purely competitive industry as: (i) this should expect total revenue to cover total variable costs or this will not operate. (ii) the demand curve this faces will be horizontal in t
A firm along with important market power which builds an additional plant to increase excess capacity may be trying to as: (w) ignore a depletion of inventory. (x) deter entry from potential competitors. (y) increase demand and thus raise price and pr
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