Type of model used by economists
Which type of model is used by the economists to analyze competitive market?
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Economists employ the model of supply and demand to analyze competitive markets. In competitive market, there are numerous buyers and sellers, each of whom has little or no persuade on the market price.
A vertical demand curve (when one existed) would be ____________ _____________ during its entire range when a horizontal demand curve is ____________ ____________: (w) relatively price inelastic; perfectly price inelastic (x) perfectly price elastic; perfectly price i
Price discrimination arises whenever: (1) prices are exactly proportional to average variable costs. (2) customers who refuse to pay the market price must go without. (3) a good is sold at different prices not reflecting differences in costs. (4) perf
In the theory of cost and production, the long run is the period: (i) Of 1-year or longer. (ii) Of 5-years or longer. (iii) In which we all are dead. (iv) Permitting the capacity to wholly adjust. Can someone pleas
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The law of demand is graphically demonstrated by:
The profit-maximizing firm which is perfectly competitive in the resource market however which consists of market power in the output market will hire the labor at a point where: (1) VMP = MRP = MFC = w. (2) VMP>MRP=MFC=w. (3) VMP=MRP=MFC>w. (4)
When Mary usually quaffs three glasses of Lost Horizons Cabernet Sauvignon every day, her demand for her favorite vintage will be least probable affected by: (i) The plague of grape worms ruining the bouquet of Lost Horizons Cabernet (ii) Receiving a $2 an hour pay hi
Unit of Account function of money: The Unit of Account function of money is also termed as the measure of value function. Money as a unit of account signifies a standard unit for quoting the prices. This makes money a powerful medium of comparing the
Assume that you are an avid golfer and profit $36 worth of pleasure from the first golf hole played on any specific day, however the additional pleasure you profit from playing succeeding holes falls by $2 per extra hole. The $40 greens fee is needed to begin golfing
The popular sporting goods magazine publishes a report on quality and safety of different brands of ski equipment. This report would be most probable to determine a problem consumer’s face since of: (i) Adverse selection. (ii) Brand-name bias. (iii) High priced
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