What is change in quantity demanded
Change in quantity demanded: When change in demand takes place due to price alone, it is termed as change in quantity demanded.
What happens to ATC if MC < ATC? Answer: ATC will down or fall.
Purely competitive markets and monopolistically competitive markets have in general: (1) the collusive tendencies of large rival firms. (2) extensive negotiations about prices among buyers and sellers. (3) freedom of entry and exit wi
Behavior most compatible along with the law of equivalent marginal advantage occurs while: (w) shoppers exhaust their budgets upon nondurables and services. (x) every firm uses similar markup over cost to set prices. (y) identical twins work in evenly
When leisure is a normal good, in that case the demand for leisure: (1) varies directly with income. (2) has declined sharply from World War II. (3) is positively associated to the average age of the population. (4) shifts leftward as a result of tech
An income elasticity of demand for a good equivalent to two implies roughly that: (1) demand curves for the good slope upward. (2) the product is an inferior good. (3) each 1% gain in income boosts the amount sold through 2%. (4) a 20% gain in income
A monopoly will come out naturally when: (w) the government relaxes antitrust laws. (x) economies of scale are large relative to market demand. (y) variable costs are huge relative to fixed costs. (z) variable costs rise as output expands.
Meaning of tax: Tax is a legally compulsory payment imposed on the people by the government. There are two kinds of taxes: Direct taxes and Indirect taxes.
Maggie thinks there are main differences among Crest, Colgate, Aquafresh and Rembrandt toothpastes, and eventually chooses Crest. Therefore her perception is mainly a consequence of: (1) successful product differentiation. (2) monopolistic competition. (3) informative
Predatory behavior would not comprise: (w) lowering prices. (x) expanding output. (y) rapid technological innovation. (z) raising prices. Can anybody suggest me the proper explanation for given problem regarding
Widely accepted objectives for microeconomic policy comprise: (w) full employment. (x) general price stability. (y) economic development. (z) efficiency, freedom and equity. Hey friends please give your opinion for
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