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.
For a particular product how do the determinants of demand affect the price?
The fundamental economic question probably to generate answers heavily based into debatable value judgments is: (1) what goods will society produce? (2) how will resources be used to yield the goods society chooses to produce? (3) to whom will the goo
Give the answer of following question. Price exceeds marginal revenue for the pure monopolist because the: A) law of diminishing returns is inapplicable. B) demand curve is downsloping. C) monopolist produces a smaller output than would a purely competitive firm. D) d
Elucidate how the efficiency might increase when two firms merge? Answer: If the two firms merge, their joined efficiency is expected to enhance owing to:
If comparing market structures, when economies of scale are unimportant: (w) the most efficient form of market structure is a pure monopoly. (x) purely competitive industries and price discriminating monopolies are equally efficient. (y) price discrim
When economies of scale are full time positive in an industry, in that case the industry will: (1) evolve into a natural monopoly. (2) become inefficient before it gets very huge. (3) be unregulated by government. (4) be not capable to compete along w
When will a rise in demand entail an increase in the quantity demanded however no change in the price?
Why does a marginal benefit curve slope downwards?
What do you mean by the Malthusian theory on population?
I can't get the answer of this question of Engel curve. Help me in determining answer of this question. Describe relationship between the Engel curve and the income effect?
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