Define tax
Tax: It is a compulsory payment prepared by household and firm to government.
All along the production possibilities frontier, a society can generate more of a good merely if: (1) This provides some of some other good. (2) Resources are completely employed. (3) All resources are efficiently employed. (4) Consumption surpasses i
When a monopolist's demand is price elastic, in that case marginal revenue is: (w) positive. (x) negative. (y) zero. (z) independent of price elasticity. I need a good answer on the topic of Economics
The absolute intensity of one consumer’s preferences and tastes as compared to the absolute intensity of the other consumer’s tastes and preferences is as: (1) Dependent on the supplies of specific products. (2) Individually recognized in
The market system's answer to the fundamental question "Who will get the goods and services?" is essentially: 1) "Those willing and able to pay for them." 2) "Those who physically produced them." 3) "Those who most need them." 4) "Those who get utility from them."
Explain what was the theory of mercantilism?
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
When a monopolistic competitor is earning zero economic profit, in that case this: (1) sells at a price equal to average total cost. (2) sells at a price equal to marginal cost. (3) is at the minimum point on its average total cost cu
Unless this chooses to shut down since demand never exceeds average variable costs, in that case a profit-maximizing monopolist makes output where: (i) marginal revenue equals marginal costs [MR = MC]. (ii) marginal revenue minus marg
When consumers ultimately cannot distinguish one roasted chicken dinner from other, when roasted chicken dinners are produced within a constant cost industry, and when no barriers to entry or exit exist, in that case the long-
A purely competitive firm will turn out where P = MC since this: (w) is good for society. (x) is all which is permitted through law. (y) maximizes profits. (z) permits price adjustment although not quantity adjustment. Discover Q & A Leading Solution Library Avail More Than 1444668 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1947860 Asked 3,689 Active Tutors 1444668 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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