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.
In this kinked demand curve model as in demonstrated, when this firm operates at point a and increases its price from P2 to P3 and its rival firms respond by increasing their prices, in that case this firm will move from point a
The advantages from the division of labor are improved as workers: (1) Are protected by the barriers which limit the international trade. (2) Who each recognize all facets of production gain an enhanced understanding of the whole project. (3) Constant
As MRP < VMP in imperfect competition if firms have market power as sellers: (1) MPPL = VMP. (2) The price of output surpasses MFC. (3) Monopolistic exploitation becomes essential to attain gain. (4) Imperfect competition can’t reach the equi
The chronological time needed for the technology to respond to modifications in profit opportunities (that is, the technological long run, also termed as super long run or temporal long run) is: (1) Longer than analytical long run for firm. (2) Shorter than market per
The reduction in demand accompanies all of the following apart from: (i) Expectations of better accessibility or excesses. (ii) Declines in the price of substitute. (iii) Rises in the number of buyers. (iv) Negative modifications in preferences and ta
Most traditional transfer in kind helps programs: (w) increased benefits for every dollar earned. (x) reduced benefits by $1 for every dollar earned. (y) reduced benefits by less than $1 for each dollar earned. (z) reduced benefits by more than $1 for
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
Suppose a doctor has a private clinic in New Delhi and his annual earnings are of Rs10 lakh. When he works in a Government Hospital in New Delhi, his annual earnings are of Rs 8 lakh. Determine the opportunity cost of encompassing a clinic in New Delhi?
Marginal revenue is not below the market price by the perspectives of simply: (i) monopolistic competitors. (ii) monopolists. (iii) cartel members. (iv) pure oligopolists. (v) pure competitors. Can
Mike trades 6 vintage baseball cards for the Jake’s original Ty Cobb card. When Mike’s six cards had equivalent total market value with Jake’s Ty Cobb card, then this trade would show: (i) Unfair incentive. (ii) Demand price. (iii) Opportunity cost.
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