State normal good
Normal good: It is a good for which, other things equivalent, a rise in income leads to a rise in demand.
Give two illustrations of Micro economic variables studies. Answer: a. Individual demand b. Individual savings
Marginal rate of Substitution (MRS): It is the rate at which a consumer is prepared to give up one good to get the other good.
The problem of asymmetric information is that: A. neither health care buyers nor providers are well-informed. B. health care providers are well-informed, but buyers are not. C. the outcomes of many complex medical procedures cannot be predicted. D. insurance companies are well-informed but poli
Difference between voluntary and involuntry employment: Voluntary unemployment is that portion of working force not willing to engage itself is a gainful occupation. An Involuntary unemployment is that portion of labour force that is willing and capab
Money: Money is what money does. Or Money is something that is accepted as a medium of exchange and at similar time act as a store of value.
For Cournot’s Spring Water the demand is perfectly price elastic at: (i) point a. (ii) point b. (iii) point c (iv) point d. (v) point e. Q : Implication of buyers in market Describe the implication of big number of buyers in the perfectly competetive market.
Describe the implication of big number of buyers in the perfectly competetive market.
The law of diminishing marginal utility might be evidenced by the person: (i) Smoking more however enjoying it less. (ii) Purchasing a new car subsequent to getting an increase. (iii) Distributing excess food to starving children. (iv) Who studies muc
It shifts within the demand for new textbooks from D0 to D1 may be a result of: (1) increased enrollments of students. (2) consumers' expectations of a future increase within the price of textbooks. (3) increased literacy rates. (4) increasingly efficient E-
NCAA rules the forbidding standard employment negotiations among colleges and amateur athletes tend to outcome in: (i) Monopsonistic exploitation of numerous athletes. (ii) Incentives for the collusion among individual college coaches and individual owners of the prof
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