Define utility
Utility: The wants satisfying power of a commodity is termed as utility.
Associate to short-run supply curves, in long-run industry supply curves tend to be additionally: (i) vertical. (ii) positively-sloped. (iii) profitable. (iv) income inelastic. (v) price elastic. C
Can someone please help me in finding out the accurate answer from the following question. The purely competitive labor markets are not characterized through: (1) Most of the individual buyers and sellers of the labor services. (2) Wages equivalent to the marginal res
Can someone please help me in finding out the accurate answer from the following question. When your marginal utility from $5 movies averages 50 utils and your marginal utility from $2 gallons of the gasoline is 20 utils, you can: (1) Not add to your satisfaction by m
In the monopsonistic labor market in which wage discrimination is not possible, the raise in the minimum wage: (i) Essentially outcomes in less employment and higher wages. (ii) Might result in both the higher level of employment and the higher wage rate. (iii) Unifor
Whenever eating a whole pizza and realizing that the last piece didn’t taste almost as good as the first, you are experiencing is: (1) Diminishing the marginal utility. (2) Law of comparative advantage. (3) Law of income effect. (4) Law of supply.
Substitution takes place when prices change and hence demand curves are negatively-sloped since of the behavior of consumers which most directly underpins the law of: (1) Equivalent marginal utilities per dollar. (2) Diminishing net utility. (3) The income effect. (4)
‘In developing countries there are some controls on aspects of pollution like exhaust fumes. How would you evaluate whether these countries, from their point of view, must invoke legislation to enhance the atmosphere in these respects?’
While a firm is NOT able of price discrimination: (w) various prices are charged for units of remotely related goods. (x) only opportunity costs are reflected in various prices for units of similar good. (y) any short term profit stimulates long run l
The consumption and saving schedules demonstrate that: A) consumption rises, but saving declines, as disposable income rises. B) saving varies inversely with the profitability of investment. C) saving varies directly with the level of disposable income. D) saving is i
Give the answer of following question. A progressive tax is such that: A) tax rates are higher the greater one's income. B) the same tax rate applies to all income receivers, so that the rich pay absolutely more taxes than the poor. C) entrepreneurial income is exempt
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