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.
Economic theories: A) are useless because they are not based on laboratory experimentation. B) that are true for individual economic units are never true for the economy as a whole. C) are generalizations based on a careful observation of facts. D) are abstractions an
I have a problem in economics on Marginal revenue product or MRP curve. Please help me in the given question. Demand for the labor through a monopolist in the product market is its: (w) Value of marginal product (or VMP) curve. (x) Marginal revenue product (or MRP) cu
Brands of ready-to-eat cereal by Kellogg, Post, General Mills and Quaker [for example Frosted Flakes, Raisin Bran and Cheerios] account for more 85 percent of all breakfast cereals sold. Here the ready-to-eat cereal industry is an illustration of: (w)
The imposition of rent controls below equilibrium rental rates tends to create: (i) a housing surplus. (ii) booms of new apartment construction. (iii) declines in the quantity and upkeep of rental units. (iv) rising incomes for landlords. (v) enhanced
When a collective bargaining contract comprises a ‘check-off provision’ then: (1) Union workers can be fired if they don’t meet production quotas. (2) Firms collect the union dues by deducting them from pay-checks. (3) Workers are needed to do just t
When a purely competitive industry is into long-run equilibrium: (i) firms try to maximize profit. (ii) P = ATC. (c) P = MC. (iii) economic profit is zero. (iv) All of the above. Can someone explai
Assume that the market for cigarettes in a specific town has the given supply and demand curves: QS = P; QD = 50 − P, here the quantities are evaluated in thousands of units. Assume that the town council requires raising $300,000 in revenue
Conditions of producers equilibrium: The conditions of producers equilibrium through the marginal cost and marginal revenue approach are as follows. 1. Marginal cost should be equal to marginal revenue.
An imperfectly competitive firm can’t maximize its profits through producing where demand is: (w) elastic. (x) unitarily elastic. (y) inelastic. (z) downward sloping. Can someone explain/help me with best sol
The firm with monopsony power in labor market: (1) Can hire any significant amount of labor devoid of affecting the wage. (2) Can pay any wage it wishes. (3) Must pay a higher wage when it hires more labor. (4) Must pay a lower wage when it hires more
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