What is Budget line
Budget line: This refers to all combinations of goods that a consumer can purchase with his whole income and price of two goods.
A profit-maximizing monopolist will necessarily incur economic losses when, at every feasible level of output as: (w) average fixed costs [AFC] are very high. (x) average total costs [ATC] lies above the demand curve. (y) average tota
What type of a market structure in an automotive industry?
When do we state that there is an excess supply for the commodity in market? Answer: If at a given price the quantity supplied of a product surpasses its quantity d
Babble-On maintains world-wide patents for software which translates any of 314 spoken languages within text, along with automatic audio and text translations within any of the other three-hundred-thirteen languages. When Babble-On is a pure monopoly, such firm confro
I have a problem in economics on Generating utility through production. Please help me in the following question. The production generates utility by making a good more precious in: (1) Possession. (2) Time. (3) Form. (4) Place. (5) All the above. Q : Large numbers of potential sellers in Features of pure competition do not comprise: (w) homogeneous products.(x large numbers of potential buyers. (y) important barriers to entry. (z) large numbers of potential sellers. Can anybody suggest me the prope
Features of pure competition do not comprise: (w) homogeneous products.(x large numbers of potential buyers. (y) important barriers to entry. (z) large numbers of potential sellers. Can anybody suggest me the prope
The substitution effect is the modification in purchases of a good which outcome from a change only in: (1) Tastes and preferences. (2) Its associative price. (3) Real national income. (4) The wealth of consumer. P
Describe the problem of How to Produce? Answer: This refers to the choice of techniques of production of services and goods and whether labor intensive or capital i
Assume that, for you, lobster is an ordinary good and peanut butter is a poorer good. When your income increases, you will probably consume: (1) Greater of both goods. (2) Less of both goods. (3) Greater peanut butter and less lobster. (4) Greater lobster and less pea
In long run, the actions of successful speculators tend to rise: (i) Gains and raise consumer’s costs. (ii) Output and decrease the volatility of prices. (iii) Corruption and Bribery in government. (iv) The volatility of both prices and outputs.
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