Microeconomics
Question #2 Consumer Demand. How to answer questions from a-g iii. I belive the MRS is 2y/x for B. But not sure
Economies of Scale: ‘Economies’ means benefits. The scale refers to the size of unit. ‘Economies of Scale’ refers to the cost benefits due to
Price discrimination is not possible when: (w) arbitrage is impossible. (x) all consumers have identical demand curves for the good. (y) firms are not price takers. (z) products are differentiated. Please choose th
Markets within a capitalistic economy answer the “What?” question with: (1) government subsidies which promote new technologies. (2) giving those goods which consumers demand. (3) misleading advertising to persuade consumers to buy. (4) di
Can GDP be more than GNP? Answer: Yes, GDP can be greater or more than GNP if NFIA is negative.
Wal-Mart business practices have been criticized like destroying small town America. Therefore argument is that Wal-Mart will build a new store and firstly set prices so low that they ultimately drive off all rival businesses. As per its foes, after their rivals move
Price elasticities of supply and demand do NOT: (w) reflect desperation for goods and customers by buyers and sellers, respectively. (x) rise as the time period considered is expanded. (y) find out the economic incidence of a tax. (z) find out the leg
At prevailing wages the LEAST elastic demand for labor is probably faced by: (1) unskilled harvest workers. (2) garment workers. (3) assembly line workers. (4) dentists. Please choose the right answer from above...
What is involuntary unemployment: The people who are willing to work at given wage rate do not obtain work.
Prohibition Corporation’s very famous St. Valentine’s Day software is going within version 6. The very first point Prohibition requires to classify in its quest to maximize profit is the: (1) point e. (2) point f. (3) point g. (4) point h.
If comparing monopolistic competition to pure competition within the long run: (w) product differentiation definitely improves social welfare. (x) only monopolistic competitors may earn economic profits. (y) only pure competitors oper
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