cost and revenue
assume the firm is a price taker and faces a market price of €60 per unit. draw the AR and MR curves
Price cross-elasticity of demand measures the virtual responsiveness of the quantity sold of a specified good to a change in the: (w) price of which good. (x) individual's income. (y) sales of another good. (z) price of another good. Q : Relative magnitudes of income effects The firm’s wage elasticity of demand for the labor is least influenced by: (1) How much time the firm have to adjust to modifying wages. (2) The proportion of labor’s share of net costs. (3) The ease of replacement between labor and capita
The firm’s wage elasticity of demand for the labor is least influenced by: (1) How much time the firm have to adjust to modifying wages. (2) The proportion of labor’s share of net costs. (3) The ease of replacement between labor and capita
A particular monopolistically competitive firm’s total revenue is probably to increase when this: (w) increases the prices of its products and consumer demand is elastic. (x) maintains its original price even if all of its compe
I have a problem in economics on Marginal revenue product or MRP curve. Please help me in the given question. Demand for the labor through a monopolist in the product market is its: (w) Value of marginal product (or VMP) curve. (x) Marginal revenue product (or MRP) cu
The proportion of older or disabled Americans suffering throughout severe poverty has been most sharply decreased due to such programs as: (w) Social Security and Medicare. (x) negative income taxes. (y) food stamps and subsidized housing. (z) the Emp
When all production costs for a monopoly are fixed [MC =0], in that case economic profit: (i) falls when price is raised in the inelastic range of a demand curve. (ii) rises when price is cut in the inelastic range of
It shifts within the demand for new textbooks from D0 to D1 may be a result of: (1) increased enrollments of students. (2) consumers' expectations of a future increase within the price of textbooks. (3) increased literacy rates. (4) increasingly efficient E-
In equilibrium for the price maker firm, the rate of monopolistic exploitation is the difference between: (p) P and MR. (q) P and MC. (iii) Total revenue and net cost per unit of output. (r) Output price and rate of monopsonistic exploitation. (s) VMP and MRP.
The contribution standard of income distribution: (w) sets the least efficient incentives for production. (x) is the distribution standard most compatible along with pure capitalism. (y) minimizes individual economic freedom. (z) is very complimented
The Implicit costs are: (i) The opportunity costs of resources contributed by the firm’s owner. (ii) Costs that need a cash outlay. (iii) Usually comprised in the computation of accounting profit. (iv) Fictional costs which do not influence the
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