Define utility
Utility: The wants satisfying power of a commodity is termed as utility.
At a price of $50, the demand for DVD games is roughly: (w) perfectly elastic. (x) perfectly inelastic. (y) unitarily elastic. (z) relatively inelastic. Q : Highly competitive market in long run I I have a problem in economics on highly competitive market in long run. Please help me in the following question. When markets are highly competitive, in long run then: (1) Economic profits will be positive. (2) Economic gains will be negative. (3) Economic profits wi
I have a problem in economics on highly competitive market in long run. Please help me in the following question. When markets are highly competitive, in long run then: (1) Economic profits will be positive. (2) Economic gains will be negative. (3) Economic profits wi
What type of a market structure in an automotive industry?
I have a problem in economics on Plans of buyers and sellers. Please help me in the following question. The equilibrium price for the good is a price at which: (1) The plans of both sellers and buyers are realized. (2) Subjective prices merely offset
Features of Monopoly: A) A Single seller B) No close replacement available. C) No freedom for entry of new firms. D) Possibility of price discrimination.
Evalute the statement. Generally People buy clothing in the city where they live. Therefore there is a clothing market in, say, Atlanta that is distinct from the clothing market in Los Angeles. This statement is tr
Investment demand function: Investment demand function is the relationship among rate of interest and investment demand. There is an inverse relationship among the rate of interest and investment demand. High inter
Typical firms in an industry can’t expect to produce economic profit in the long run when the industry has: (1) decreasing costs of production as the number of firms in the industry changes. (2) market demand exceeding the minimum average variab
Shortages take place whenever the market price: (1) Most greatly surpasses the average person’s demand price. (2) Is above the usual seller’s supply price. (3) Equivalents production costs plus the maximum possible gain. (4) Lies beneath t
When economies of scale in producing a product persist across the complete range of market demand as: (w) pure competition is the most efficient market structure. (x) competition will prevent monopolization of the industry. (y) compet
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