long run supply
Illustrate and explain using diagrams, the difference between long run supply in a constant cost individual firm and industry and an increasing cost firm and industry.
State the relationship among Average Product and Marginal Product? A) If MP > AP, then AP is rising B) If MP = AP, then AP is maximum C) If MP < AP, then AP is falling
Give the answer of following question .Tell examples of command economies: A) the United States and Japan. B) Sweden and Norway. C) Mexico and Brazil. D) Cuba and North Korea.
Computing the relative shares of national income accounted for by wages, interest, rent, and profit, yields, respectively measures called the: (1) market distribution of income. (2) functional distribution of income. (3) objective distribution of inco
Describe why the equilibrium price of commodity is determined at the level of output at which its demand equavalents its supply.
I have a problem in economics on market demand curve. Please help me in the following question. The market demand can be obtained via the: (1) Summation of all the quantities demanded whenever market is in equilibrium. (2) Vertical summation of each a
The resource most probable to be viewed as the fixed in short run by a firm which operates a cable TV and Internet connection system would be: (1) Unskilled workers who bury the cable. (2) The personal computer (3) Satellite dishes that it has leased to the customers.
Elucidate the circular flow of Income in two sector model. Answer: There are just two sectors namely: Firms and households. Households give factor services to the fi
The Profit-maximizing firms which operate in the competitive resource and output markets adjust the labor inputs till the wage rate equivalents the: (i) Average revenue from the output. (ii) Output price equivalents the average variable cost. (iii) Marginal utility of
Moving by point a to point b to point c to point d to pint e beside demand curve D, then absolute value of the price elasticity of demand for DVDs video games is: (w) greater at lower prices than at higher prices. (x) constant and equal to minus one.
When governments compelled pharmaceutical producers to manufacture and sell at least Q3 penicillin, in that case the: (1) purely-competitive firms which produced penicillin would experience persistent economic profits. (2) resulting inadequate antibiotic tr
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