What is demand schedule
Demand schedule: This is a tabular symbolization of different quantities demanded at various levels of prices.
The curve which could demonstrate the demand for a good which has price elasticity equal to one is within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D. Q : Define Indirect taxes Indirect taxes : Indirect taxes: Whenever the liability to pay tax is on one person and the burden of that tax falls on another person, it is termed as indirect tax. Illustrations are: sales tax, excise duty, VAT, tax on services and so on.
Indirect taxes: Whenever the liability to pay tax is on one person and the burden of that tax falls on another person, it is termed as indirect tax. Illustrations are: sales tax, excise duty, VAT, tax on services and so on.
Write down the benefits of leaving the allocation of countries resources to price mechanism?
Describe the consumer’s equilibrium in case of two commodities (IC) approach. Answer: Consumer equilibrium refers to a condition when he spends his specified
The economies of scale exist whenever average production costs: (1) Increase as the level of output increases. (2) Drop as the level of output increases. (3) Stay similar as the level of output increases. (4) Drop as the level of output drops. Q : Price charging by minimizing average See a monopolist which cannot price discriminate but that maximizes profit. When this firm produces the level of output where is average cost at its minimum that will charge a price: (i) equal to marginal cost and generate zero economic profit. (ii) e
See a monopolist which cannot price discriminate but that maximizes profit. When this firm produces the level of output where is average cost at its minimum that will charge a price: (i) equal to marginal cost and generate zero economic profit. (ii) e
A cartel is: (w) any large multinational corporation like OPEC. (x) a group of oligopolists practicing conscious parallelism of action. (y) a group of firms which practices joint profit maximization. (z) a multinational firm along with government subs
Government regulation intends at certain potentially competitive prices or transactions frequently induce private adjustments through firms and individual therefore unexpected results comprise: (w) increased rates of growth of tax revenues. (x) rapid
Relationship between MPS and multiplier:K=1/1-MPC = 1/MPS or inverse relationship between MPS and the size of multiplier.
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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