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 most probable of the following to be an inferior good for most of the American families who buy some of each of such products would be: (i) Spam, that is a canned meat product. (ii) Plastic surgery. (iii) Concert tickets. (iv) Gasoline. (v) College textbooks.
When purely competitive firms operate within increasing cost industries, several: (1) individual firms’ supply curves should be horizontal. (2) firms should experience decreasing returns to scale at low output levels. (3) specia
I have a problem in economics on Effect of change in market price. Please help me in the following question. The change in quantity demanded is: (1) Non-quantitative in nature. (2) Caused by the change in market price. (3) Shown by the shift of demand curve. (4) Irrel
Can someone help me in finding out the right answer from the given options. Canadians would ultimately be likely to respond to higher prices for heating oil and natural gas through (i) Turning up their electric blankets and insulating their houses more carefully. (ii)
The amalgamation of American Federation of Labor, representing the craft unions and the Congress of Industrial Unions, representing the industrial unions, happened in: (i) 1955. (ii) 1960. (iii) 1970. (iv) 1965. (v) 1975. Find out
What will be the consequence of a rise or fall in the bank rate on money supply? Answer: It will reduce or raise the money supply.
A profit maximizing competitive firm will shut down within the short run when: (w) prices do not cover average total costs. (x) this loses money on each unit of output. (y) price falls below the minimum of its AVC curve. (z) fixed costs exceed margina
When consumer demand for this industry’s product is relatively inelastic, in that case the curve reflecting normal substitution although the least price elasticity of market demand would be of: (i) curve A. (ii) curve B. (iii) curve C. (iv) curv
Firm A in below illustration of figure maximizes profit and is: (1) demonstrated as operating in the long run. (2) capable of reaping economic profit of P2P1de, since only in the short run. (3) incurring economic losses equivalent to fixed costs of P3
Typical firms in an industry can’t expect to produce economic profit in the long run when the industry has: (1) decreasing costs of production as the number of firms in the industry changes. (2) market demand exceeding the minimum average variab
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