Excess demand for commodity
When do we state that there is an excess demand for a commodity in the market?
Expert
If at a given price, the quantity demanded of a product surpasses its quantity supplied, there is an excess demand for product.
An emphasis on equality of opportunity, although not essentially equality of result, is a center-piece of a system of distribution termed as: (1) meritocracy. (2) laissez faire capitalism. (3) feudalism. (4) socialism. (5) syndicalism
The demand for an undergraduate college education would rise from the perspective of college administrators when: (w) the federal government started paying half of the interest charged upon student loans. (x) grade inflation was reversed and the average grade earned b
Primary deficit: Primary deficit is the difference among fiscal deficit and interest payments prepared by the government Primary deficit = Fiscal deficit – Interest payments
Table illustrates the average retail price of milk and the Consumer Price Index from the year 1980 to 1998. Q : Profit maximization at the rate of At the rate of output, profits are maximized where marginal: (i) revenue is maximized. (ii) revenue equals marginal cost. (iii) revenue exceeds marginal cost by the greatest amount. (iv) cost is minimized. Can some
At the rate of output, profits are maximized where marginal: (i) revenue is maximized. (ii) revenue equals marginal cost. (iii) revenue exceeds marginal cost by the greatest amount. (iv) cost is minimized. Can some
Purely competitive markets and monopolistically competitive markets have in general: (1) the collusive tendencies of large rival firms. (2) extensive negotiations about prices among buyers and sellers. (3) freedom of entry and exit wi
Which of the statements regarding elasticity is correct? A) Supply is more elastic in the short run than in the long run. B) Demand is more elastic in the short run than in the long run. C) Demand is more elastic when a large number of substitute goods are avail
When no goods generate external costs or benefits within their consumption or production and when the income distribution is deemed acceptable, in that case economic efficiency is promoted through: (w) government inte
The removal of exploitation of labor (or wage payments beneath the value to the society of each and every individual worker’s productive contribution) is automatic when business decision makers: (1) Should set wages via collective bargaining agreements by labor
A monopolist has an inverse demand curve given by p(y) = 12 - y and a cost curve given by c(y) = y2. (a) What will be its profit maximizing level of output?
18,76,764
1950553 Asked
3,689
Active Tutors
1420409
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!