ordinal utility
In economics, what is ordinal utility and what are its assumptions
Marginal rate of Substitution (MRS): It is the rate at which a consumer is prepared to give up one good to get the other good.
Bank rate: This is the rate of interest at which central bank provides loan and advance to commercial banks.
Deriving a production possibilities frontier needs the supposition that: (1) Resources are variable in the supply. (2) There are limitless numbers of goods. (3) Economic growth takes place at a normal rate. (4) All scarce resources are proficiently em
why cotton textile tndustry is a microeconomic study
What are the various functions of price mechanism in a free market economy?
Supply curves for different kinds of capital goods are usually: (w) perfectly elastic. (x) perfectly inelastic. (y) upward sloping. (z) downward sloping. Can anybody suggest me the proper explanati
From roughly 1890 till 1970 year, the “structure-conduct-performance paradigm” controlled theories regarding how firms behave in various types of markets. The term “structure” in this expression refers to such
For a specified distribution of income within a purely competitive economy, marginal social benefit will the same marginal social cost unless: (w) “hit and run” entrepreneurs prosper. (x) economic profits
The non-discriminating organization with monopsony power in the labor market confronts the: (i) Wage rate which consistently surpasses the marginal revenue. (ii) MRP less than w. (iii) MFC which surpasses w. (iv) Monopolistic seller of the organization’s output.
Whenever someone paying for the service can’t completely monitor the behavior or aims of the person offering the service, there are potential inequities and inefficiencies caused by the: (1) Moral hazard. (2) Adverse selection. (3) Utilitarianism. (4) Principal-
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