What is Budget line
Budget line: This refers to all combinations of goods that a consumer can purchase with his whole income and price of two goods.
Since demands for resources eventually depend upon consumers’ demands for goods, in that case the demand for labor is: (w) termed as a derived demand. (x) a perfectly elastic demand curve. (y) a perfectly inelastic demand. (z) a horizontal line.
A price elasticity of demand of 2.0 implies that at that point, the demand curve is: (w) income elastic. (x) relatively price elastic. (y) relatively price inelastic. (z) unitarily price elastic. I need a good answ
I can't able to discover the solution of this question .Help me to get answer of this question so that I can complete my assignment. Why is the factor input demand functions utilized to construct cost functions?
Select the right answer of the question. Which of the following is not an economic cost? A) wages. B) rents. C) economic profits. D) normal profits.
I have a problem in economics on highly competitive market in long run. Please help me in the following question. When markets are highly competitive, in long run then: (1) Economic profits will be positive. (2) Economic gains will be negative. (3) Economic profits wi
Into equilibrium, a monopoly which does NOT price discriminate will tend to produce: (w) the socially optimal rate of output. (x) a level of output where price exceeds marginal social cost. (y) lower output at lower prices than a competitive market. (
This graph depicts a short run situation while long run equilibrium has been achieved for a firm along with some market (price-making) power when the firm cannot price discriminate and: (w) has explicit costs but no i
Key questions in evaluating a research report: In brief, there are five key questions you, as a consumer of analytical work, should ask yourself as you are evaluating a research report. 1. What is the purpose of th
Natural monopoly refers to a market or industry in that: (w) economies of scale exist across much of the complete range of market demand. (x) superior management enables a firm to remove its competitors. (y) a firm produces a good protected through pa
The American workers tend to be much productive than their counterparts in the South America or Asia in part as they have: (i) Superior natural genetic endowments. (ii) Access to the better sports programming, that promotes the team-work. (iii) More capital to work wi
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