Describe the Slope of a nonlinear curve
Describe the Slope of a nonlinear curve?
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1. The slope of a nonlinear relationship changes from one point to another.
2. The slope of a curve at point a is equal to the slope of a line tangent to the curve at point a.
Distinguish clearly between a plant, a firm, and an industry?
While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value
Describe Quasi-public goods?
When, in a perfectly competitive industry, where the market price facing a firm is above its average total cost on the output here marginal revenue equivalents marginal cost, in that
The competitive market system is least probable to be allocatively unproductive as a result of: (w) externalities and public goods. (x) cutthroat competition and the outsourcing of low-wage jobs to less grown countries. (y) the underproduction of a go
What 2 points are required to emphasis foreign exchange market?
Illustrate Rational Behaviour of Economic Perspective?
The opportunity costs of production and consumption for most resources and goods tend to be decreased by: (w) private monopoly power. (x) price floors. (y) intense competition. (z) price ceilings. Hey friends pleas
By the perspective of nowadays academic standards, Adam Smith must have more evidently acknowledged that several the analyses and insights for that he took credit within his Wealth of Nations had really been gleaned from the writings
Elucidate how to maintain competition?
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