Labor-Leisure Tradeoffs features
When the real wage increases, an extra unit of: (1) Labor supplied will purchase fewer goods. (2) Leisure is more costly. (3) Output needs more labor time. (4) Capital becomes more highly employed. Find out the right answer from the above options.
When the real wage increases, an extra unit of: (1) Labor supplied will purchase fewer goods. (2) Leisure is more costly. (3) Output needs more labor time. (4) Capital becomes more highly employed.
Find out the right answer from the above options.
This monopolistic competitor generates Q0 output where is: (1) MR = MC. (2) MSB > MSC. (3) average cost is not minimized. (4) P = ATC. (5) All of the above. Q : Spending pattern for maximizing utility The consumer maximizes utility if spending patterns cause: (1) Level of net utility to increase each time purchases are modified. (2) Marginal utilities of each and every good consumed to be equivalent. (3) Principle of corresponding marginal utilities per dollar to b
The consumer maximizes utility if spending patterns cause: (1) Level of net utility to increase each time purchases are modified. (2) Marginal utilities of each and every good consumed to be equivalent. (3) Principle of corresponding marginal utilities per dollar to b
An increase in the income of Consumer X leads to fall in demand for that good by that consumer. Name the good X termed? Answer: Inferior good
The Asymmetric information on quality can outcome in: (i) Not all potential profits from the exchange being realized. (ii) Lower equilibrium prices. (iii) Purchases of unexpectedly low-quality items termed as ‘lemons’. (iv) Some transactio
A firm in an industry which is a pure monopoly faces as: (w) many competitors from into the industry. (x) competition from only poor substitutes produced in other industries. (y) a market demand curve which is horizontal. (z) prosecution when it impor
When technological advances within agriculture generate bumper crops of farm products for that demands are relatively price inelastic, in that case the: (w) average income of farmers will decline relative to per capita income for the
George Stigler concluded which the kinked demand curve model is incorrect to the extent that this depends on: (w) marginal cost pricing. (x) pure competition. (y) interdependent decision making. (z) sticky prices.
Explain the term Oligopoly? Also explain its Characteristics?
A monopolist can produce economic profits while: (w) average fixed costs [AFC] are very high. (x) average total costs [ATC] lies above the demand curve. (y) at least some portion of the average total costs [ATC] curve lies below the d
A price-taker firm’s marginal revenue is: (w) constant and identical to price. (x) less than average revenue. (y) sufficient to cover all short-run costs. (z) determined by the firm’s supply curve. Discover Q & A Leading Solution Library Avail More Than 1420849 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1924145 Asked 3,689 Active Tutors 1420849 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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