Applied Writing
must use graphs to demonstrate/support answers where available. Submission is to be made tonight, so needs to be finished urgently
The imposition of price ceilings which are below equilibrium generally results within: (w) shortages and net decreases in economic efficiency. (x) more efficient allocations of scarce resources. (y) greater consumer satisfaction and b
Executives at the helms of monopolies that may pay little attention to controlling costs within the short run, but during the long run the monopoly will tend to be operated into a technically efficient fashion since: (w) the firm will
Babble-On maintains world-wide patents for software which translates any of 314 spoken languages in text, along with automatic audio and text translations within any of the other three-hundred-thirteen languages. When Babble-On produces its profit-maximizing o
When resource markets are competitive and transaction costs are low, in that case landowners: (1) pass forward completely any land tax. (2) can drive up the rental rate of land by changing its supply. (3) bear the full burden of any t
When a farmer grows wheat and rice, how will a raise in the price of wheat influence the supply curve of rice? Answer: The Supply curve of rice will shifted to the
You regularly buy artichokes that happen to be perfectly elastically supplied within the long run. Therefore government imposes a tax upon artichokes. Then the tax is eventually borne by: (w) retailers. (x) consumers. (y) consumers and artichoke farme
A monopolist: (w) is a price taker in the sale of its product. (x) can charge any price this wishes without reducing profit. (y) is not a price taker into the sale of its product. (z) may or may not be a price taker within the sale of its product.
When there is an excess in the balance of trade? Answer: When export > import (that is, when export is greater than import).
Production possibility curve or PPC: PPC exhibits different combination of a pair of goods, that can be produced with the given resources and method of production, that are fully and proficiently utilized.
In which market form, the firm is a price taker? Answer: In Perfect competition
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