Supply curve
The short-run industry supply curve is found by what?
Can someone please help me in determining the right answer from the following question. The three fundamental assumptions required to construct a model of the production possibilities frontier do not comprise: (1) Reducing marginal returns to producti
An instance of the principal-agent trouble would be: (i) The student failing an exam since he did not study. (ii) The crook being caught as he made much noise. (iii) My son purchase baseball cards with the money I gave him to purchase milk for t
Pure competition is described by freedom of entry and exit by firms which are: (i) price discriminators and quality adjusters. (ii) price takers and quantity adjusters. (iii) owned and operated by entrepreneurs. (iv) arbitrators and p
An increase in the price of goods, outcomes in an increase in expenses on it. This demand is elastic or inelastic? Answer: Inelastic since there is direct relation
Assume that no externalities in production or consumption exist and the income distribution is universally viewed such as “fair.” When this firm could price discriminate perfectly, one condition for socially optimal output would be for: (i
When brick-making is a constant cost industry, during the long run this firm is probable to experience: (i) a severe shrinking of economic profit to zero. (ii) a decline in the price of bricks to approximately eight cents apiece. (iii) increased compe
When consumer demand for this industry’s product is relatively inelastic, in that case the curve reflecting normal substitution although the least price elasticity of market demand would be of: (i) curve A. (ii) curve B. (iii) curve C. (iv) curv
What is the marginal rate of transformation or marginal rate of substitution or marginal opportunity cost? Answer: It is the ratio of units of one good scarified to
When curve C reflects the long run supply curve as in demonstrated figure for this industry, in that case this is a/an: (w) decreasing cost industry. (x) increasing cost industry. (y) constant cost industry. (z) diseconomies of scale industry.
I have a problem in economics on what is the sum of market demand for a good. Please help me in the following question. The other things constant, market demand for the good is a sum of: (i) Firm’s utility-maximizing decisions. (ii) Amounts dema
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