Resource payments correspond to resource categories
Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
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a. Rent as well as interest to providers of property resources
b. Wages as well as salaries to labour resources,
c. Profits to entrepreneurs.
Why businesses are not really “free” to produce what they wish?
What happens in the product markets?
What persuades new firms to enter in an industry? Answer: Abnormal profit encourages new firms to enter an industry.
Briefly describe High operating leverage?
Transaction costs tend to be decreased, prices to consumers are classically stabilized and lowered, and economy-wide efficiency is generally improved through: (1) rigid wage and price controls. (2) central planning that fosters monopo
A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The cost of each good is $10. Calculate the firm's short-run profit or loss. w) loss of $6,000. x) profit of $6,000. y profit of $30,000. z) There is insufficient
The perfectly competitive market structure benefits consumers since: w) firms do not generate goods at the lowest possible price within the long run. x) firms are forced through competitive pressure to be as efficient as possible. y) firms add a much
Illustrate the advantage and disadvantage of Partnership?
Why Trade barriers hurt American consumers?
Give a brief introduction of the term Timing Principle?
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