Meaning of utility
For economists, the term "utility" signifies: 1) versatility and flexibility 2) rationality 3) pleasure and satisfaction 4) purposefulness.
Pure economic profits are NOT: (w) normal costs of production. (x) reduced to “normal” levels in long-run pure competition. (y) zero in long run monopolistic competition. (z) possible under pure competition in the short-run.
A firm which practices predatory pricing as: (w) tends to incur short-run losses greater than its rival. (x) lowers its price to drive out its rival and then keeps the price low to discourage extra entry. (y) will sell similar amount of output as when
The short-run demand for labor would be LEAST affected by the: (w) productivity of the resource. (x) prices of substitute resources. (y) demand for goods produced by the resource. (z) fixed costs of a firm. Hey fri
Components of capital account: (i) Foreign investment (ii) Foreign loans (iii) Banking capital and other capital (iv) Monetary movements.
Which of the given two statements involves positive economic analysis and which normative? How do the two type of analysis differ?a. Gasoline rationing (allocating to each year to each individual an annual maximum amount of gasoline whi
Elucidate what kind of market supply and demand information would be use full to you in deciding on a business policy?
Supply of labor in perfectly competitive market
Price discrimination which successfully increases profit does NOT needs the firm to be capable to: (1) separate the market within different groups along with different demand elasticities. (2) maintain entry barriers which defend a firm’s market
Choose the right answer . A positive statement is concerned with: A) some goal that is desirable to society. B) what should be. C) what is. D) the formulation of economic policy.
When a monopolist increases output along with elastic demand, then total revenue: (w) increases at a constant rate. (x) increases at an increasing rate. (y) increases at a diminishing rate. (z) All of the above are possible.
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