Type of model used by economists
Which type of model is used by the economists to analyze competitive market?
Expert
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.
The Department of the Census explains low relative income as experienced while families: (w) lack sufficient income to buy the fundamental food clothing and shelter required for survival. (x) would like to improve the
Within the short run, there a purely competitive firm will close down its plant(s) and manufacture nothing when: (i) this makes no pure economic profits. (ii) normal profits were unattainable. (iii) P < ATC at all output levels. (iv) accounting pro
What is Average Total Cost. Also write down its formula?
The short-run demand for labor would be LEAST affected by the: (w) productivity of the resource. (x) prices of substitute resources. (y) demand for goods produced by the resource. (z) fixed costs of a firm. Hey fri
A huge firm which slashes prices to drive smaller competitors out of business, and after that raises prices due to its enhanced market power is pursuing a strategy of: (1) predatory pricing. (2) cut-throat competition. (3) price discrimination. (4) ma
The increase in demand for tartar sauce would be a probable result of: (1) A reduction in the price of fish. (2) An raise in the price of tartar sauce. (3) A bumper crop of the tartar sauce. (4) A raise in the price of fish. (v) The reduction in price
If comparing monopolistic competition to pure competition within the long run: (w) product differentiation definitely improves social welfare. (x) only monopolistic competitors may earn economic profits. (y) only pure competitors oper
Monsieur Cournot has a monopoly on an artesian well from that flows tasty spring water reputed to have medicinal properties. To ignore incurring variable costs, he is adamants that customers bring their own pails and also fill them in
is the price in the "law of demand" a relative price or an absolute price
The Law of Demand mainly relies heavily on the: (1) Buying power consequences of relative price modifications. (2) Substitution effect resultant from the relative price changes. (3) Increase in opportunity costs as income is worn out. (4) Principle of the non satiety.
18,76,764
1943691 Asked
3,689
Active Tutors
1445506
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!