ordinal utility
In economics, what is ordinal utility and what are its assumptions
Price floors create tendencies for: (1) shortages since buyers demand more than firms produce. (2) lobbying through sellers for their elimination. (3) net increases within the satisfactions of consumers. (4) surpluses since firms creates more when hou
Pure competition is described by freedom of entry and exit by firms which are: (i) price discriminators and quality adjusters. (ii) price takers and quantity adjusters. (iii) owned and operated by entrepreneurs. (iv) arbitrators and p
The demand curve that facing a monopolistically competitive firm is: (1) perfectly elastic within the short run. (2) perfectly inelastic due to numerous substitutes for its product. (3) less elastic than the demand curve facing a comp
When the price elasticity of demand for Japanese cars is higher within Europe than into the U.S. and transportation costs are very similar, relative to the price charged in Europe, there the price a discriminating Japanese carmaker wo
The incentive to work and earn income is possible to be greatest when the fundamental welfare benefit is ____ and the fundamental welfare benefit is reduced through ____ that the person earns: (w) high, the amount (x) low, the amount
must use graphs to demonstrate/support answers where available. Submission is to be made tonight, so needs to be finished urgently
When this purely-competitive firm makes output level Q, this is operating within the: (i) technological long run. (ii) long run. (iii) short run. (iv) shut down period. (v) boom period of the business cycle.
In a constant-cost, there purely-competitive industry in the short-run: (w) and long-run supply curves are positively sloped. (x) and long-run supply curves are negatively sloped. (y) and long-run supply curves are horizontal. (z) sup
Why borrowing is treated as capital receipts? Answer: Because it rises the liability of government.
Economic profits are NOT recompenses to entrepreneurs who: (1) endure business uncertainty. (2) provide society along with economic capital. (3) innovate new goods and technologies. (4) exercise monopoly power or monopsony power. (5)
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