State normal good
Normal good: It is a good for which, other things equivalent, a rise in income leads to a rise in demand.
The Purely competitive labor markets are not characterized through: (1) Most of the individual sellers and buyers of labor services. (2) Wages equivalent to the marginal resource costs. (3) Labor unions. (4) Price taking sellers and buyers of the labo
Monopolistic competitors generate differentiated goods which have numerous potential: (1) substitutes and important barriers to entry protecting them from potential rival producers. (2) close substitutes whose suppliers face no long run barriers to en
When consumers ultimately cannot distinguish one roasted chicken dinner from other, when roasted chicken dinners are produced within a constant cost industry, and when no barriers to entry or exit exist, in that case the long-
What do you mean by the term Cumulative Effect?
Graphical representation of relationship between MPC and multiplier?
Critics of the straightforward limit pricing strategy argue about that: (w) sunk costs are not important in deterring entry. (x) for limit pricing to work, there should be a credible threat to keep old output levels. (y) this is rational to expect the
When most firms in a competitive industry experience economic profits, in that case long run competitive pressures tend to cause: (w) greater economic profits. (x) prices to decrease as firms enter the industry. (y) industry output to fall. (z) severa
The fixed costs of a purely competitive firm are: (w) incurred within the short run even if no output is produced. (x) wage payments and raw materials costs. (y) the bulk of short run opportunity costs. (z) not found by earlier decisions.
The economic system which depends associatively the least for its effectiveness and overall success on honesty and of members of economically and socially most elite groups in the system are nearly certainly: (1) Oligarchintegrity and hum
The individual or organization which simultaneously purchases low and sells high in various markets is a/an: (i) Elevator. (ii) Speculator. (iii) Analyst. (iv) Arbitrageur. (v) Operator. Can someone please help me in finding out th
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