question 2
Explain the concept of a concentration ration. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitve industry? Explain the answer
Fiscal deficit: When TE (RE + CE) > TR (RR + CR) of the government, excluding borrowing. It is termed as fiscal deficit.
When the slope of the demand for wheat is ten, we can predict now that a higher price of wheat will be as: (w) increase total expenditures on wheat. (x) reduce total expenditures on wheat. (y) not influence total expenditures on wheat. (z) More information is required
As MRP < VMP in imperfect competition if firms have market power as sellers: (1) MPPL = VMP. (2) The price of output surpasses MFC. (3) Monopolistic exploitation becomes essential to attain gain. (4) Imperfect competition can’t reach the equi
Into equilibrium, a monopoly which does NOT price discriminate will tend to produce: (w) the socially optimal rate of output. (x) a level of output where price exceeds marginal social cost. (y) lower output at lower prices than a competitive market. (
The short-run demand for labor would be LEAST affected by the: (w) productivity of the resource. (x) prices of substitute resources. (y) demand for goods produced by the resource. (z) fixed costs of a firm. Hey fri
The absolute value of price elasticity of demand is generally greater when there: (w) are fewer uses for the good. (x) is more time permitted for buyers to adjust. (y) are fewer substitutes for the good. (z) is a lower elasticity of s
Illustrate the term monopoly?
When the equality standard of income distribution were adopted: (w) people would be paid the values of their marginal products. (x) family incomes would be identical for families of all sizes. (y) poets and engineers would have the same incomes. (z) g
The owner of a city centre car park desires to know the best price to charge for parking throughout office hours on weekdays. On a usual weekday, the car park is at present only half full.
Producer’s Equilibrium: A producer (or a firm) is said to be in equilibrium whenever it earns maximum gains. Profit maximization of a firm signifies maximizing the difference between total cost and total revenue. Whenever the gains of the firm a
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