Problem based on type of economy
Tell me the answer of this question. Economists would describe the U.S. automobile industry as: A) purely competitive. B) an oligopoly. C) monopolistically competitive. D) a pure monopoly.
Describe why the equilibrium price of commodity is determined at the level of output at which its demand equavalents its supply.
When drought causes ranchers to in advance take cattle to the market, one short-run tendency will be for: (1) The demand for beef to rise. (2) Restaurants to experience shortages of the steak. (3) Prices for pork and lamb to decline. (4) Corn and wheat to become less
The market is cleared when there are: (i) Buyers left waiting in line. (ii) Surplus supplies of unsold goods. (iii) No surpluses or shortages. (iv) Tendencies for the prices to increase. Can someone please help me in finding out th
Assume a neither firm possessing both the monopsony power as an employer and the market power in its output market, however which can neither wage discriminate nor price discriminate. In the equilibrium in its labor market for workers, of the given va
What do you mean by the term Cumulative Effect?
To assert that a firm made exactly zero economic profits as well signifies that it made: (i) Zero accounting profits. (ii) Normal economic profits. (iii) Negative accounting profits. (iv) No profits at all. Choose the right answer
I have a problem in economics on Bookkeeper problem regarding Moral Hazard. Please help me in the following question. When a bookkeeper embezzles $1 million and flees to the Brazil after 22 years on the job, there is a trouble of: (i) Fugitive derelic
Illustrate and explain using diagrams, the difference between long run supply in a constant cost individual firm and industry and an increasing cost firm and industry.
The view about all people is entitled to income sufficient to comfortably sustain their physical survival is termed as the: (1) survival standard. (2) contribution standard. (3) needs standard. (4) standard deduction. (5) equality standard.
Which type of model is used by the economists to analyze competitive market?
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