Excess demand for commodity
When do we state that there is an excess demand for a commodity in the market?
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If at a given price, the quantity demanded of a product surpasses its quantity supplied, there is an excess demand for product.
surpluses drives price down, shortages drives them up
why is marginal revenue product=marginal resource cost a formula for profit maximization?
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The kinked demand curve of an oligopoly model supposes: (w) price increases will be followed. (x) price increases will be matched. (y) price declines will be matched. (z) any price changes will be matched. Q : Illustration of complementary goods Prices cross elasticity of demand of two between cable TV and VCRs entails that such goods are: (1) complementary goods. (2) substitute goods. (3) negatively associated goods. (4) a luxury and a need, respectively. (5) both inferior goods.
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Elucidate the merits of regional integration?
A purely competitive firm: (w) maximizes profits where MR=MC. (x) makes economic profits while its total revenue is greater than its total cost. (y) has no control over the price of its products. (z) all of the above. Discover Q & A Leading Solution Library Avail More Than 1457167 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1949744 Asked 3,689 Active Tutors 1457167 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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