Propensity to consume
Propensity to consume: This exhibits the level of consumption at various levels of income in the economy.
Budget line: Budget line exhibits all combinations of two goods which a consumer can purchase with his income at a specified price.
The long run survival of a purely-competitive firm needs a goal of maximizing: (i) managerial salaries. (ii) total costs. (iii) economic profits. (iv) total revenue. (v) fixed costs to minimize variable costs. How
The income effect of a price rise for the normal good: (i) Needs a reduction in the purchasing power of your income, that helps in elucidating why demand curves are negatively sloped. (ii) Forces faster adjustments than when the good was inferior and
The cost of cashmere plummets and most of the people start employing this once costly material as pillow covers and to knit sweaters for their pets. This is an illustration of: (i) The income effect. (ii) The change in preferences and taste. (iii) The law of diminishi
When all production costs for a monopoly are fixed [MC =0], in that case economic profit: (i) falls when price is raised in the inelastic range of a demand curve. (ii) rises when price is cut in the inelastic range of
The period after one corn harvest is done and before the subsequent corn harvest begins is the: (1) short-run. (2) intermediate period. (3) long-run. (4) market period. (5) fiscal year for budgeting. Can someone explain/help me wit
Please provide me answer of this question. What will be the implications for consumer's preferences and her indifference curves if the axiom of transitivity does not hold?
As measured through post tax and post transfer income patterns, from World War II, then the U.S. has created: (w) no progress in reducing the gap in between the rich and poor. (x) substantial progress in reducing the gap in between rich and poor. (y) moderate progress
All along the production possibilities frontier, a society can generate more of a good merely if: (1) This provides some of some other good. (2) Resources are completely employed. (3) All resources are efficiently employed. (4) Consumption surpasses i
Each and every profit maximizing organizations employ labor up to the point where: (1) VMP = w. (2) MRP = MFC. (3) VMP = MRP. (4) VMP = MFC. (5) MR MC is maximized. Can someone please help me in finding out the accurate answer from
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