State normal good
Normal good: It is a good for which, other things equivalent, a rise in income leads to a rise in demand.
Profit maximization within the long run does not need a firm to: (i) produce in accord along with the law of equal marginal advantage. (ii) adjust the resource mix till MPPL/w = MPPK/r. (iii) minimize cost for its selected level of output. (iv) produc
The arbitrager is an organization or individual that will: (1) Simultaneously purchase low and sell high in various markets. (2) Create disparities among prices in various markets. (3) Resolve disputes among sellers and consumers. (4) Purchase low and
A firm may temporarily lower prices as well as earn negative profits in trying to: (w) drive rivals out of business. (x) find rivals to lower prices. (y) maximize current profit. (z) A rational firm would not do this. Q : Engel curve and the income effect I I can't get the answer of this question of Engel curve. Help me in determining answer of this question. Describe relationship between the Engel curve and the income effect?
I can't get the answer of this question of Engel curve. Help me in determining answer of this question. Describe relationship between the Engel curve and the income effect?
Can someone help me in finding out the right answer from the following options. Curing shortages in the market for ice-cream needs: (1) Rises in the price of ice-cream. (2) Reduction in the supply of ice-cream. (3) Rises in the demand for ice-cream. (d) Reduces in the
When, after hiring the very last worker, the organization’s profit is similar as it was before the last worker was hired, then the firm must: (p) Hire more workers to raise the profit. (q) Layoff some workers to raise the profit. (r) Not appoint any more workers
Economic profits within a competitive industry are signals which: (i) attract new firms into the industry. (ii) hinder innovation of new technologies. (iii) encourage inefficiency in existing firms. (iv) business conditions are deteriorating. (v) pric
When it is feasible for total revenue to exceed variable costs, in that case a monopolist which does not price discriminate maximizes profits or minimizes losses from producing the output where marginal revenu
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
When fifty fast-food restaurants belonging to fourteen various chains are strung along an eight mile stretch of highway, it is an illustration of: (1) a primitive cartel. (2) pure competition. (3) monopolistic competition. (4) an oligopoly. Discover Q & A Leading Solution Library Avail More Than 1456665 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1948733 Asked 3,689 Active Tutors 1456665 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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