Define utility
Utility: The wants satisfying power of a commodity is termed as utility.
Programs which guarantee farmers minimum prices which exceed equilibrium prices will yield: (w) cheaper food for consumers. (x) excess demand in food markets. (y) excess supply at the minimum price. (z) higher equilibrium prices.
Into a stable competitive economy without innovation, transaction, or uncertainty costs, all accounting profits would be: (w) pure economic profits. (x) payments required to secure owner-provided resources. (y) pure e
When a firm’s total revenue potentially exceeds total variable cost for at least one output level, in that case economic losses are minimized or profit is maximized through producing where: (i) average total cos
The influence of high street chains selling very limited editions of designer clothes at much below equilibrium prices.
In the quintile distribution of income, the term "quintile" represents
The percentage change within quantity supplied divided through the percentage change within price is an approx measure of a good's: (w) unitary margin. (x) price elasticity of supply. (y) exclusivity ratio. (z) price elasticity of demand. Q : Consuming equal successive units of good The idea that additional satisfaction ultimately declines from consuming equivalent successive units of any good is the law of: (1) Consumer deficits. (2) Equivalent marginal utilities per dollar. (3) Diminishing marginal utility. (4) Veblen’s inequality. (5) Co
The idea that additional satisfaction ultimately declines from consuming equivalent successive units of any good is the law of: (1) Consumer deficits. (2) Equivalent marginal utilities per dollar. (3) Diminishing marginal utility. (4) Veblen’s inequality. (5) Co
Elucidate the consequence of an increase in demand of a commodity on its equilibrium quantity and price? Answer: Increase in demand causes a rightward shift in the
Price elasticities of demand tend to as: (i) fall as higher prices are charged. (ii) rise as higher prices are charged. (iii) almost always be constant. (iv) not be associated to the length of time. (v) not be influenced by price changes.
The time and other opportunity costs incurred in obtaining information regarding products and prices and in that case driving to and from markets are illustrations of: (1) mobilization costs. (2) contracting costs. (3) transactions co
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