State the assumptions of Law of Demand
State the assumptions of Law of Demand?
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Law of demand is based upon certain fundamental assumptions. They are given as below:
1) There is no change in the consumers’ preference and taste 2) Income must remain constant. 3) Prices of other goods must not change. 4) There must be no substitute for the commodity. 5) The commodity must not confer any type of distinction. 6) The demand for the commodity must be continuous. 7) People must not expect any change within the price of the commodity.
Labor supply curves “bend backward” within response to overwhelmingly powerful: (i) marginal effort effects. (ii) income effects. (iii) wealth effects. (iv) derived supply effects. (v) substitution effects. Q : Determine shape of total revenue curve Within a graph along with output on the horizontal axis and whole revenue on the vertical axis, determine the shape of the total revenue curve for a perfectly competitive seller: w) U-shaped. x) inverted U-shaped. y) a horizontal line
Within a graph along with output on the horizontal axis and whole revenue on the vertical axis, determine the shape of the total revenue curve for a perfectly competitive seller: w) U-shaped. x) inverted U-shaped. y) a horizontal line
When this purely competitive labor market is primarily in equilibrium at D0L, S0L, a moving step to equilibrium at D1L, S0L would be probably to follow from increases in: (w) imports of this good by foreign competitors. (x)
Compared to men along with similar amounts of education or experience, women onto average earn: (1) higher wages. (2) similar wages. (3) lower wages. (4) There is no general pattern. Can someone explain/help me with best solution a
Most economists would categorize the bulk of the funds spent upon your college education like: (1) an investment in human capital. (2) financial capitalization. (3) consumption. (4) specific training. (5) personal saving. Please gu
When a firm does not influence the wage rate no matter how many workers this hires, then: (1) MRPL = MRCL for all feasible output levels for the firm. (2) MRCL = MPPL for all feasible output levels for the firm. (3) MPPL = MRPL for all feasible output
Firms tend to offer wages which most greatly exceed the wages which workers would earn elsewhere to workers who have: (1) profit-sharing plans. (2) specific training. (3) prenuptial agreements. (4) non-compete clauses in their work contracts. (5) general training.
Give a brief introduction of the term Break Even Point. How does BEP aid in making business decision?
I have a problem in economics on Diminishing Returns. Please help me in the following question. In a completely employed food-and-clothing economy, equivalent successive raises in food production will ultimately need successively: (i) Larger increases
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