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For a monopsonist in the labor market, the marginal resource cost of labor is:
If comparing monopolistic competition to pure competition within the long run: (w) product differentiation definitely improves social welfare. (x) only monopolistic competitors may earn economic profits. (y) only pure competitors oper
Define Marginal Cost and also its functions?
Can someone help me in finding out the right answer from the given options. When resource suppliers are paid less than the values of their marginal products (or VMPs), they are stated to be: (i) Monopolistic. (ii) Exploited. (iii) Monopsonistic. (iv) In equilibrium.
Importance of Store of Value function of money: People save a portion of their earnings for utilization in future. But in what form? Money fulfills this requirement of the people. Money as a store of value signifies that money is an asset and can be s
I have a problem in economics on Production utilizing knowledge or technology. Please help me in the following question. Production necessitates utilizing knowledge or technology to apply energy to rise the: (i) Amount of resources accessible. (ii) In
Sally is very rich that money hardly matters to her, although when the price of JIF chunky peanut butter doubled Sally switched to Peter Pan chunky peanut butter. This alters is an example of the: (1) Income effect. (2) Payback effect. (3) Substitution effect. (4) Pri
In the year 2015, people begin utilizing dollar bills to wipe up messes as hyperinflation has driven the price of ‘real’ paper towels to $7,000 a roll. This is an illustration of: (1) The income result. (2) Diminishing the marginal utility
Current budgets for transfers “in-kind” have developed most significantly for spending upon: (w) Medicare and Medicaid. (x) food stamps. (y) public housing. (z) grants to expand educational opportunity.
This profit-maximizing brickyard of below illustrated figure on the average is, about: (i) making an economic profit of $8 per thousand bricks. (ii) incurring variable costs of $90 per thousand bricks. (iii) suffering an accounting loss of $2 per thou
The concept that innovation is a main source of economic profit is central to the concepts of: (1) Joseph A. Schumpeter. (2) Karl Marx. (3) Frank Knight. (4) Horatio Alger. (5) John Bates Clark. Ca
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