Define utility
Utility: The wants satisfying power of a commodity is termed as utility.
When the firms are earning abnormal gains, how will the number of firms in industry change? Answer: The number of firms in industry will tend to rise.
To economists, the noun ‘market’ signifies to: (1) The geographic place where many products are sold. (2) Any institution which enables sellers and buyers to strike bargains. (3) The New York Stock Exchange. (4) Selling goods and resources or stocks and bo
When this purely competitive firm can hire any amount of labor at pre hour wage of $9 per worker, in this given figure, as it will hire: (1) L2 workers. (2) L3 workers. (3) L4 workers. (4) L5 workers. (5) L<
Let think about the law of demand. The idea that a big price for a normal good will outcome in less of the good being bought never based logically on the: (i) Income effect. (ii) Demand for the good falling since of the higher price. (iii) Law of redu
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Government regulation intends at certain potentially competitive prices or transactions frequently induce private adjustments through firms and individual therefore unexpected results comprise: (w) increased rates of growth of tax revenues. (x) rapid
A competitive firm shuts down within the short run when: (w) this suffers a loss. (x) normal profit = 0. (y) ATC > P. (z) the minimum AVC > P. Hello guys I want your advice. Please recommend some views for above Econo
A Rise in the quantity of frozen vegetarian lasagna demanded would be much probable to outcome from raises in the: (i) Cost of raw vegetables. (ii) Wages paid workers in lasagna developed plants. (iii) Number of people who perform strict vegetarianism. (iv) Costs of o
The removal of exploitation of labor [that is, wage payments beneath the value to society of each and every individual worker’s productive contribution] is automatic when business decision makers: (v) Should set wages via collective bargaining agreements with th
Tell me the answer of this question. Collective bargaining agreements cover: A) wages and hours. B) union status. C) seniority and job opportunities. D) all of the above.
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