Price taker in the context of a firm
What is meant by the word price taker in the context of a firm? Answer: It means that firm does not contain any control over the price and it has to pursue that price that is determined by industry.
What is meant by the word price taker in the context of a firm?
Answer: It means that firm does not contain any control over the price and it has to pursue that price that is determined by industry.
Meaning of tax: Tax is a legally compulsory payment imposed on the people by the government. There are two kinds of taxes: Direct taxes and Indirect taxes.
Individual demand and market demand schedules: Individual demand schedule states the quantities required by an individual consumer at various prices. Q : Cross-elasticity of demand Cross-elasticity of demand: The receptiveness of demand to modifications in prices of associated goods is termed as cross-elasticity of demand (i.e., associated good
Cross-elasticity of demand: The receptiveness of demand to modifications in prices of associated goods is termed as cross-elasticity of demand (i.e., associated good
Describe the implication of freedom of entry and exit to the firms beneath perfect competition.
I have a problem in economics on Market Prices signals. Please help me in the following question. Market prices are the: (1) Signals among sellers and buyers. (2) Generally higher than the opportunity costs. (3) Set by the government regulations. (4)
How purely competitive industries respond to raises in market demand depends upon: (w) the time period considered. (x) immediate quantity adjustments and longer run price adjustments. (y) each firm’s average total costs. (z) the slope of the mar
Effective price discrimination to maximize profit does NOT needs the firm to be capable to: (w) separate the market within different groups along with different demand elasticities. (x) erect entry barriers to defend a monopoly position. (y) prevent t
Describe three properties of a variable proportions production function that make sure that it allow profit maximization and cost minimization.
If the resource suppliers are paid less than the values of their marginal products [VMPs], then they are stated to be: (i) In equilibrium. (ii) Exploited. (iii) Monopolistic. (iv) Monopsonistic. Can someone please help me in findin
Can someone help me in finding out the right answer from the given options. The law of demand supposes that the income and tastes of the consumers are: (i) Strong determinants of the prices. (ii) Causes of movements all along the demand curve. (iii) C
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