Market equlibrium
challenges of Equilibrium picing in devloping countries
Suppose that the auto started began at the intersection of S0 and D0, and then Congress passed a main personal income tax cut. So, how will it affect the auto market?: (w) No change. (x) Demand shifts to D2. (y) Demand shifts to D
When a firm is a price taker in the labor market, in that case the: (w) wage is constant for any quantity of labor this would hire. (x) marginal resource cost of labor is constant for any quantity of labor this would hire. (y) wage equals the marginal
In what condition the concept of marginal costing basically applied?
An investment in specific human capital arises while: (w) Chandra learns Japanese to be eligible for a potential job in Tokyo. (x) Chele has a face lift so she can increase her fees for high-fashion modeling. (y) Chelsea practices playing a harp and a
The relationship between the elasticity of demand for labor and the elasticity of demand for a specific type of output the labor produces is: (1) uniformly negative. (2) uniformly positive. (3) zero. (4) curvilinear. (5) highly variab
If a perfectly competitive firm determines that its market price is below its minimum average variable cost, this will sell: w) the output where marginal revenue equivalents marginal cost. x) any positive output the entrepreneur decid
Explain the concept of revenue.
The market supply of labor is the sum of the: (1) quantities of labor supplied by households at each wage. (2) wages paid to households for each quantity supplied. (3) quantities demanded by firms at each wage. (4) marginal products of labor at each l
Illustrates the Law of Returns to scale?
Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
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