long run supply
Illustrate and explain using diagrams, the difference between long run supply in a constant cost individual firm and industry and an increasing cost firm and industry.
The supply of loanable funds changes positively along with the: (w) willingness of people to defer consumption in the future. (x) profitability and productivity of new capital investments. (y) price of the output about new capital will produce. (z) fu
In which market form, the products are distinguished. Answer: In Monopolistic competition
The incidence (burden) of excise taxes on chandeliers, airline tickets, jewelry, and yachts, is most probable to be: (i) Proportional. (ii) Hierarchical. (iii) Regressive. (iv) Unfair. (v) Progressive. Please someo
What is the marginal rate of transformation or marginal rate of substitution or marginal opportunity cost? Answer: It is the ratio of units of one good scarified to
John Kenneth Galbraith refuses theories which suppose profit maximization in competitive markets. According to him, the big corporations dominate the economic activity as: (1) Corporate managers look for maximum gains for stockholders. (2) Government policies are mani
explain the concept of a concentration ratio. is the concentration ratio in a monoplistically competitive industry likely to be higher than for a perfectly competitive industry?
Elucidate briefly the average standard of living in Africa?
Economists have conventionally concluded which, from the vantage point of society as an entire, competitive advertising in that case: (1) enables consumers to make more efficient economic choices. (2) is a waste of resources. (3) cons
Distinguish among devaluation and depreciation of domestic currency
Most of the consumers and investors have learned via experience that ‘new’ high-tech equipment becomes outdated quickly, and that prices drop by roughly half annually. They adjust by delaying purchases, waiting for estimated higher quality and lower prices
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