Definition of law of demand
Definition of law of demand: It is the claim that, other things equivalent, the quantity demanded of a good drops/falls whenever the price of the good increases.
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
While the quantity of a good supplied exceeds the quantity demanded: (1) sellers are more likely to create concessions to buyers. (2) the current market price is below equilibrium. (3) consumers gain through buying before prices adjust upward. (4) the quality of outpu
Can someone please help me in finding out the accurate answer from the following question. The Wage discrimination needs a firm to possess: (1) Monopsony power. (2) Monopoly power. (3) Oligopoly power. (4) None of these—no po
Assuming which marginal revenue equals $4 and marginal cost equals $5, a monopolist could raise profits by: (w) lowering both price and output. (x) increasing both price and output. (y) increasing price and decreasing output. (z) decr
Measures of arc price elasticity tend to be more accurate and precise than measures of point price elasticity since: (w) arc elasticity is more sensitive to the dependent variable. (x) point elasticity is additionally sensitive to the independent vari
In the short run, no profit-oriented monopolistically-competitive firm still knowingly generates any output unless: (1) an economic profit is assured. (2) total revenues are expected to equal or exceed its total variable costs. (3) the average wage ra
When the income elasticity of market demand is negative, in that case most consumers view the good as: (w) a luxury good. (x) having several imperfect substitutes. (y) an inferior good. (z) a normal good. Hey frien
Governmentally-imposed obstacles to the entrance of new firms within a market are termed as: (1) regulatory barriers or legal barriers to entry. (2) strategic barriers to entry. (3) natural barriers to entry. (4) tax barriers to entry. (5) revenue blockades.
Table indicate the average retail price of milk and the Consumer Price Index in the year 1980 -1998. Q : Monopolistic competitor in market When When this monopolistic competitor makes Q units: (1) P > MC. (2) MR = MC. (3) total revenue total cost is maximized. (4) MSB > MSC. (5) All of the above. Discover Q & A Leading Solution Library Avail More Than 1452831 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1930250 Asked 3,689 Active Tutors 1452831 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
When this monopolistic competitor makes Q units: (1) P > MC. (2) MR = MC. (3) total revenue total cost is maximized. (4) MSB > MSC. (5) All of the above. Discover Q & A Leading Solution Library Avail More Than 1452831 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1930250 Asked 3,689 Active Tutors 1452831 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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