Merits and demerits of Scarcity Definition of economics
What are the merits and demerits of Scarcity Definition of economics?
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The merits of scarcity definition are: i) This definition is analytical. ii) Universal in application. iii) Considering the concept of opportunity cost and a positive study.
Limitations of Scarcity Definition of economics are: i) It is too narrow and too wide. ii) It offers only light but not fruit iii) It is confined to micro analysis and ignores the growth economics.
When a firm is experiencing diminishing returns as: (w) the marginal product of labor rises as more labor is hired. (x) the marginal revenue product of labor falls as more is hired. (y) the marginal resource cost of labor will be declining. (z) this w
When the demand for labor is wage elastic, raises in wage rates cause total labor income to: (w) increase. (x) decrease. (y) remain the same. (z) fluctuate erratically. I need a go
Explain the modern definition of economics?
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Average female wages are historically beneath the average for male workers due to: (w) concentration in low income occupations. (x) placement in low status job positions. (y) lower admission in professional schools and skilled trades.
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Illustrates the major objectives of demand analysis?
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States the term Shift in Demand?
When, for a specified output level, an absolute or perfectly competitive firm's price is less in that case its average variable cost, so the firm: w) is earning a profit. x) must shut down. y) must increase output. z) must increase price. Discover Q & A Leading Solution Library Avail More Than 1413276 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1951000 Asked 3,689 Active Tutors 1413276 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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