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
Purely competitive markets and monopolistically competitive markets have in general: (1) the collusive tendencies of large rival firms. (2) extensive negotiations about prices among buyers and sellers. (3) freedom of entry and exit wi
Under pure competition, there is marginal social benefit will equivalent marginal social cost unless: (w) “hit and run” entrepreneurs prosper. (x) economic profits are zero. (y) there are externalities. (z) entrepreneurs a
Boosting minimum wage laws from $5 to $8 per hour is LEAST probable to: (w) give some unskilled workers with higher incomes. (x) cause some low-wage workers to lose their jobs. (y) raise friendship like a basis for employment. (z) decrease unemploymen
An asset’s associate “liquidity” is inversely measured through the: (w) transaction costs in dealing within the asset as a proportion of the market price of the asset. (x) time it takes to convert this to cash. (y) “backing&rdq
Change in demand: When change in demand takes place due to change in factor other than price, it is termed as change in demand.
Changes in both demand and supply of a commodity might or might not influence its equilibrium price. Describe.
In drawing the production possibilities curve we assume that: 1) technology is fixed. 2) unemployment exists. 3) economic resources are unlimited. 4) wants are limited.
All as well equivalent, consumers will buy more of a good per time period the lower its price. This is the statement of the law of: (i) Diminishing returns. (ii) Demand. (iii) Supply. (iv) Markets. Can someone please help me in fin
Sixty Chinese manufacturers have started producing generic staplers. Since each factory is very small to noticeably influence the international demand or supply for staplers, every firm is: (1) a cartelized seller. (2) a price taker. (3) a primary goo
Which of the given below employers is LEAST likely to encompass monopsony power? (1) The secretarial service firm in the Los Angeles. (2) The police force in Eau Claire, Wisconsin. (3) U.S. Department of Defense. (4) Wal-Mart in the Snowflake, Arizona. (5) Community h
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