--%>
Assignment Help - homework help

Thorstein Veblen-Biography

Thorstein Veblen is most particularly remembered for arguing that: (i) Consumer surplus is maximized by setting the marginal utility equivalent to price. (ii) National income [or NI] equivalents gross domestic product [or GDP] in circular flow model. (iii) Fixed costs are never related to rational profit-maximizing decisions. (iv) Demand curves are negatively sloped since of diminishing marginal utility. (v) Rich people use ‘conspicuous consumption’ to flaunt their status, class and power.

   Related Questions in Microeconomics

  • Q : Decision processes in Microeconomics

    Decision processes within households, and government and firms and the consequences of such decisions are initially the focus of: (1) positive economics. (2) public choice economics. (3) microeconomics. (4) normative economics. (5) microeconomics.

    		•
  • Q : Distribution of Wealth When line 0C0'

    When line 0C0' shows the U.S. income distribution, in that case the distribution of wealth would most likely be possible: (1) line 0A0'. (2) line 0B0'. (3) line 0C0'. (4) line 0D0'. (5) line 0E0'.

    Q : Condition for deficit in balance of

    What is the condition when there is a deficit in balance of trade? Answer: When import > export

    		•
  • Q : Absolute value of price elasticity of

    Moving by point a to point b to point c to point d to pint e beside demand curve D, then absolute value of the price elasticity of demand for DVDs video games is: (w) greater at lower prices than at higher prices. (x) constant and equal to minus one.

    		•
  • Q : Definition of Economic Profit To assert

    To assert that a firm made exactly zero economic profits as well signifies that it made: (i) Zero accounting profits. (ii) Normal economic profits. (iii) Negative accounting profits. (iv) No profits at all. Choose the right answer

    		•
  • Q : Problem on positive quantity Supply The

    The law of supply defines that, other things equivalent: (1) Quantity supplied differs inversely with price. (2) A good’s supply is positively associated to its demand. (3) Quantity supplied is positively associated to price. (4) Prices and cost

    		•
  • Q : Average cost per unit of production

    When Prohibition Corporation maximizes profit within its production of St. Valentine’s Day software, there average cost per unit of it produced will be roughly: (i) $4 per copy. (ii) $10 per copy. (iii) $18 per copy. (iv) $24 per copy. (v) $32 per copy.

  • Q : Definition of Craft Unions I have a

    I have a problem in economics on Craft Unions. Please help me in the following question. The craft union: (i) Is organized about a specific skill. (ii) Bargains for all the workers in a specific industry. (iii) Represents the workers, whereas an indus

    		•
  • Q : Demands for education in relatively

    Most college students strongly are in opposition to tuition raises. When only one student in fifty transfers to other school subsequent a ten percent tuition hike at your school, in that case your economics professor would most likely conclude that most students&rsquo

    		•
  • Q : Market Price in intervention Let’s take

    Let’s take a perfectly competitive market in which the market demand curve is provided by Qd = 20 − 2Pd and the market supply curve is provided by Qs = 2Ps. a) Determine the e

    		•