Define utility
Utility: The wants satisfying power of a commodity is termed as utility.
The Minimum wage legislation is UNLIKELY to aid: (i) Skillful workers who compete with untrained workers. (ii) Untrained workers who don’t lose their jobs. (iii) Buyers of goods which are more capital intensive associative to the buyers of labor intensive goods.
Beth and Anna each own a florist shop. After many years of rivalry, they make a decision to team up and make a partnership. The potential advantage of such a union would be that: (1) They can divide up duties and become more proficient. (2) Their partnership profits n
Under negative income tax system demonstrated in this figure, where a family of four all along with earned income of price of $15,000 per year would have a net income after-tax, as of: (1) $30,000 per year. (2) $27,500 per year. (3) $
When a farmer grows wheat and rice, how will a raise in the price of wheat influence the supply curve of rice? Answer: The Supply curve of rice will shifted to the
Elasticity of Demand: The law of demand elucidates that demand will change due to a change in the price of the commodity. However it does not elucidate the rate at w
Pure competitors in a long-run equilibrium are paid a price which: (i) allows recovery of any previous operating losses. (ii) equals MC although exceeds average cost. (iii) maximizes average revenue minus average cost. (iv) equals maximum long run ave
When you buy a bond if the interest rate is 10% and sell this while the interest rate is 15%, in that case you will receive: (w) less than you paid for the bond. (x) more than you paid for the bond. (y) the same amount which you paid for the bond. (z)
The present value of an asset refers to the: (w) consumer surplus derived from the asset throughout the current period. (x) value today of any expected income payments related with owning the asset. (y) economic rent realized after paying the market p
Explain the concept of a concentration ration. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitve industry? Explain the answer
A monopoly firm must shut down in the short run when: (w) P < minimum [average total costs [ATC]]. (x) P > minimum [average total costs [ATC]]. (y) this cannot cover all variable costs. (z) P does not equal marginal costs [MC]. Discover Q & A Leading Solution Library Avail More Than 1432211 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1940869 Asked 3,689 Active Tutors 1432211 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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