What is Oligopoly
Oligopoly: This is a form of the market in which there are some big sellers of a commodity and a big number of buyers. There is a high degree of interdependence between the sellers regarding their price and output policy.
The purely competitive model means that competition in both output and resource markets yields a distribution of income that is proportional to the: (w) numbers of people in specific households. (x) effort and leisure sacrificed throu
Most economists favor purely competitive markets since they tend to as: (1) economies of scale. (2) large profits. (3) mutual interdependence. (4) corporate organizations. (5) economic efficiency. Hello guys I want
The greater the price elasticity of demand associate to the price elasticity of supply, then the: (i) greater the legal incidence of any tax burden. (ii) smaller the forward shifting of any tax burden. (iii) smaller the backward shift
Budget line: This refers to all combinations of goods that a consumer can purchase with his whole income and price of two goods.
Chose the right answer from the following . The marginal benefit curve is: 1) upsloping because of increasing marginal opportunity costs. 2) upsloping because successive units of a specific product yield less and less extra benefit. 3) downsloping because of increasin
The concept that people must have income in proportion to their productivity is termed as the: (1) equality standard of distribution. (2) productivity standard of distribution. (3) needs standard of distribution. (4) utility standard
Types of elasticity of supply: There are five kinds of elasticity of supply:1. Perfectly elastic supply: Q : Price elasticity of demand Elucidate Elucidate any four factors which affect the price elasticity of demand.
Elucidate any four factors which affect the price elasticity of demand.
Assume a neither firm possessesing both the monopsony power as an employer and market power in its output market, however which can neither wage discriminate nor the price discriminate. In equilibrium, in its labor market for the workers, the following variables the m
Not between strategies historically employed by some unions however now illegal in the United States are: (i) Jurisdictional strikes centered on which the unions will stand for a firm’s staff. (ii) Agency shop contracts forcing the non-union staff to pay ‘
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