Comparative statics and consumer demand curve
Explain the methodological procedure called comparative statics. What does this procedure imply regarding the nature of the consumer demand curve?
What is another name of micro economics? Answer: Price theory
Legal tender money: Money which is declared legally as the medium of exchange by government is termed as legal tender money.
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
Several buyers and sellers are forced to be price-takers since: (w) vigorous competition maintains individuals from noticeably influencing the market. (x) only monopoly firms adjust quantities. (y) markets adjust slowly. (z) quantity adjustment is not
When resource supply curves facing an industry are positively sloped, in that case the exit of firms which have incurred losses will result in: (w) higher prices and lower output for the industry, although lower average production costs for the surviv
When we only know that the demand and the supply of a resource or good both have increased, we would decide that the resulting change within its price will be: (w) positive. (x) negative. (y) zero. (z) indeterminate.<
Some researchers have determined that citizens of some prosperous countries [for example, Japan] explain themselves as “happy” far less frequently, onto average, than citizens of a few poorer nations [for example, Indonesia]. Nevertheless, almost all studi
When you compute cross-elasticity of demand, what are you trying to find out? What do a negative coefficient and a positive coefficient imply?
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
Imports and American cars are close nevertheless not ideal substitutes. When the U.S. government tried to boost American car sales through setting a price ceiling of P1 upon imported cars in that case: (w) the quantity of cars imported will
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