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economics

surpluses drives price down, shortages drives them up

   Related Questions in Microeconomics

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    Firms that should contemplate the potential reactions of rival firms while adjusting their pricing and output to maximize long run profit are operating within an industry which is: (1) perfectly competitive. (2) purely competitive. (3) monopolisticall

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    In the demonstrated figure, total revenue is greatest for cheesy fried grits of Pixie at a price of as: (w) P1. (x) P2. (y) P3. (z) P4.

    Q : Price takers in product market I have a

    I have a problem in economics on Price takers in product market. Please help me in the following question. Relative to firms which are price takers in product market, and then firms with market power tend to. (1) Hire some workers (2) Pay a lower wage

  • Q : Goods trading problem Choose the right

    Choose the right answer from following. In recent years the United States has: A) exported more services abroad than it has imported. B) had a small goods trade surplus with Japan. C) had a large goods trade surplus with the rest of the world. D) fallen to third behin

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    Meaning of tax: Tax is a legally compulsory payment imposed on the people by the government. There are two kinds of taxes: Direct taxes and Indirect taxes.

  • Q : Define break-even price Break-even

    Break-even price: This is the price at which firms form zero normal profit.

  • Q : Relatively elasticity in supply curve

    At point a, in below figure the supply curve into this graph: (w) perfectly elastic. (x) relatively elastic. (y) unitarily elastic. (z) relatively inelastic.

    Q : How is a shift in demand reflected in a

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  • Q : What is involuntary unemployment What

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  • Q : Define change in demand Change in

    Change in demand: When change in demand takes place due to change in factor other than price, it is termed as change in demand.