State the assumptions of Law of Demand
State the assumptions of Law of Demand?
Expert
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.
States the term Demand Analysis?
Explain the target pricing briefly.
When this purely competitive labor market is firstly in equilibrium at D0L, S0L, a move to equilibrium at D1L, S0L would be inconsistent along with increases in: (w) the price of output. (x) labor productivi
What are the merits and demerits of Scarcity Definition of economics?
Explain the reasons for demand curve slopes downward.
Economy-extensive efficiency needs both allocative and technical efficiency within production and: (w) equity within the distribution of national income. (x) biological efficiency, in that people's basic desires should be met. (y) pol
Illustrates the economies of scale are categorization?
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
Disadvantaged groups have historically been pressured toward low wage jobs in a procedure termed as: (1) occupational crowding. (2) labor staggering. (3) systemic discrimination. (4) reverse favoritism. (5) nepotism. Q : Define the some criticized highlight Define the some criticized highlight points of Adam Smith?
Define the some criticized highlight points of Adam Smith?
18,76,764
1933648 Asked
3,689
Active Tutors
1453922
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!