realtionship between MC and AVC
what happens to AVC if MC>AVC
Can GNP be more than GDP? Answer: Yes, GNP can be greater or more than GDP if NFIA is positive.
The demands for productive resources are eventually “derived” by the: (w) marginal utility they directly generate. (x) demands for consumer goods and services. (y) disutility incurred in supplying labor. (z) equity of resource owners as ju
I can't get the answer of this question of Engel curve. Help me in determining answer of this question. Describe relationship between the Engel curve and the income effect?
Opponents of the current welfare system who desire the welfare system scaled down tend to argue which this: (1) has constantly experienced funding cuts for the past decade. (2) cannot succeed in helping poor people within a market economy. (3) stimula
I have a problem in economics on History of Industrial Unions. Please help me in the following question. Industrial unions historically tried to systematize all the workers in: (i) A Specific Company or broad industry. (ii) The United States. (iii) A specific craft or
Which of the following below goods produces the greatest consumer surplus? (1) Free downloading to pirate your favorite songs. (2) Diamonds. (3) Water. (4) College textbooks. (5) Slices of the pizza. Choose the right answer from th
Interdependent decision making through firms is most common within: (w) purely competitive industries. (x) monopolized industries. (y) oligopolies. (z) monopolistic competition. Please choose the right answer from
Since the supply of land is fixed, then the: (w) demand for land is absolutely horizontal. (x) supply of land is completely elastic. (y) demand for land is absolutely vertical. (z) supply of land is perfectly inelastic. Q : Total revenue in profit-maximizing Total revenue (i.e., TR=PQ) for such profit-maximizing competitive firm equals area as: (a) 0P1gq5. (b) 0P1dq4. (c) 0P2cq3. (d) P2
Total revenue (i.e., TR=PQ) for such profit-maximizing competitive firm equals area as: (a) 0P1gq5. (b) 0P1dq4. (c) 0P2cq3. (d) P2
The transfer of wealth from industrialized countries to oil exporting countries (OPEC) which followed skyrocketing oil prices within the 1970 year indicates such that the price elasticity of demand for oil: (w) relatively low. (x) relatively high. (y)
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