--%>
Assignment Help - homework help

Problem on law of demand

Let think about the law of demand. The idea that a big price for a normal good will outcome in less of the good being bought never based logically on the: (i) Income effect. (ii) Demand for the good falling since of the higher price. (iii) Law of reducing marginal utility. (iv) Substitution effect.

Can someone help me in getting through this problem.

   Related Questions in Microeconomics

  • Q : Firms and the Transaction Costs Can

    Can someone help me in finding out the right answer from the given options. The survival of all firms eventually depends on the capability to: (i) Decrease transaction costs to consumers. (ii) Produce economic gain. (iii) Maximize the value of output for given cost. (

    		•
  • Q : Typical pure competitor firm in industry

    When this firm is a typical pure competitor within this industry as in demonstrated figure, then the firm is: (i) making normal accounting profit. (ii) making zero economic profit. (iii) breaking even. (iv) into an industry within long run equilibrium

    		•
  • Q : Backward Bending Labor Supplies Graph

    Graph for the supply of labor might be backward bending since: (i) The substitution effect overtakes the income effect at some wages. (ii) Overtime workers get pay for time and a half. (iii) The substitution effect. (iv) The income effect is much powerful than substit

    		•
  • Q : Hire labor at any amount in purely

    When this purely competitive firm can hire any amount of labor at pre hour wage of $9 per worker, in this given figure, as it will hire: (1) L2 workers. (2) L3 workers. (3) L4 workers. (4) L5 workers. (5) L<

    		•
  • Q : Legal barriers to entry in a market

    Governmentally-imposed obstacles to the entrance of new firms within a market are termed as: (1) regulatory barriers or legal barriers to entry. (2) strategic barriers to entry. (3) natural barriers to entry. (4) tax barriers to entry. (5) revenue blockades.

  • Q : Diminishing the Marginal Utility of

    The additional dollar of income would be most probable to mean more to a usual poor individual than to a rich one if: (i) Efforts to raise income are proportional to the value of additional dollar earned. (ii) Each and every individual had similar total utilities from

    		•
  • Q : Distribution and production for social

    Society as entire benefits most when the distribution and production of penicillin corresponds to: (a) point a. (b) point b. (c) point f. (d) point d. (e) point g.

    Q : Problem on Monopsony Power The firm

    The firm probable to encompass significant monopsony power in its labor market would be: (1) Big cotton farm in the Texas hiring migrant workers. (2) Textile producer in the Hong Kong hiring factory workers. (3) Janitorial service firm in London hiring the maintenance

    		•
  • Q : Wage differentials-union and nonunion

    I have a problem in economics on Wage differentials-union and nonunion workers. Please help me in the following question. The wage differentials among union and nonunion workers encompass historically averaged roughly: (i) 10% to 15 %. (ii) 5% to 10%.

    		•
  • Q : Perfectly inelastic demand problem When

    When will an augment in supply entail a raise in price however no change in quantity?

    		•