Question on economic cost
Select the right answer of the question. Which of the following is not an economic cost? A) wages. B) rents. C) economic profits. D) normal profits.
Describe firm’s supply curve in short run, operating in perfect competition? Answer: It is a MC curve of the firm beginning from a point where MC = AVC (that is, minimum).
Describe the Law of Diminishing marginal utility? Answer: Law of Diminishing marginal utility: As a consumer goes on consuming more and more units of a commodity th
Whenever a firm hires workers in spite of of whether the workers pay union dues, then this is: (i) A closed shop. (ii) A union shop. (iii) An agency shop. (iv) An open shop. (v) A scab shop. Choose the right answer from the above o
Decreasing average production costs needs raising the size of a firm when the raised production encounters economies of: (i) Growth. (ii) Coordination. (iii) Growth. (iv) Scale. (v) Scope. Find out the right answer from the above o
If this profit-maximizing firm as in given figure can’t price discriminate, in that case its total revenue will equal to: (w) $90,000 per month. (x) $112,000 per month. (y) $60,000 per month. (z) $120,0000 per m
Payments for a resource into excess of the minimum needed to supply specified amounts of the resource are termed as: (1) economic rents. (2) wage premiums. (3) excess profits. (4) surplus values. (5) capitalization. Q : Equilibrium price when demand increase When an increase in demand arises at similar time as a decrease in supply, in that case equilibrium price: (w) falls, and equilibrium quantity is unsure. (x) increases, and equilibrium quantity is uncertain. (y) remai
When an increase in demand arises at similar time as a decrease in supply, in that case equilibrium price: (w) falls, and equilibrium quantity is unsure. (x) increases, and equilibrium quantity is uncertain. (y) remai
Conditions of producers equilibrium: The conditions of producers equilibrium through the marginal cost and marginal revenue approach are as follows. 1. Marginal cost should be equal to marginal revenue.
The Minimum wage laws might efficiently raise employment: (i) When the set wage value surpasses labor market equilibrium. (ii) In industries of profoundly exercised monopsony power. (iii) In no condition; higher minimum wage floods the labor supply and lower minimum w
Elucidate briefly business cycles and what role do the Federal Government and Federal Reserve has in trying to manage them?
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