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.
Liz admitted a pay cut in May and consequently start cooking at home more and dining out less frequently. Her adjustments provide illustrations of the: (i) Substitution effect. (ii) Income elasticity of the demands for various goods. (iii) Law of diminishing marginal
Precisely predicting the effect of economic prosperity upon the demand for mass transit would be excellent facilitated by a good calculates approximately of the: (w) slope of the demand curve for mass transit. (x) price elasticity of
Marginal revenue is NOT: (i) similar as average revenue or price for a competitive firm. (ii) identical to the price of output for firms along with monopoly power. (iii) specified by (change in TR)/ (change into Q) for all firms. (iv) derived by the d
Mainly economists object to unregulated monopoly primarily since: (w) economies of large scale operation may be attained. (x) technological advance may be fostered. (y) economic efficiency would be promoted. (z) economic efficiency may be decreased.
the setting of a price ceiling below the equililbrium level will
From about 1890 till 1970, the “structure-conduct-performance paradigm” dominated theories concerning how firms behave in various kinds of markets. The word “conduct” in this context refers to these things as: (i) decisions by
Can there be certain fixed cost in long run? If not why? Answer: No, there can’t be any fixed cost in long run. The main reason is that there is no fixed inpu
The best illustrations of monopoly power in the United States are possibly: (w) local public utility companies. (x) state university systems. (y) the national TV networks. (z) national defense firms. Hey friends pl
All markets which are really relevant for human beings are exemplified by: (1) Extensive advertising, sales promotions and marketing. (2) Demands from each and every individual for all products. (3) Potential buyers willing to reimburse and potential
Elucidate what kind of market supply and demand information would be use full to you in deciding on a business policy?
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