What is involuntary unemployment
What is involuntary unemployment: The people who are willing to work at given wage rate do not obtain work.
When the price of a good increase slightly, then total revenue: (w) falls in the inelastic range of the demand curve. (x) rises over the elastic range of the demand curve. (y) stays close to zero in the unitary-elastic range of the de
When a perfectly competitive industry is monopolized along with no effect on costs in that case the result will be: (w) higher prices and greater output. (x) lower prices and greater output. (y) higher prices and lower output. (z) lower prices and low
Transaction costs tend to be decreased, consumer prices tend to be lower and additionally stable and economy-wide efficiency is enhanced if: (1) rigid wage and price controls are imposed. (2) central planning fosters
Elucidate any four factors which affect the price elasticity of demand.
Can there be certain fixed cost in long run? If not why? Answer: No, there can’t be any fixed cost in long run. The main reason is that there is no fixed inpu
When a purely competitive industry is within long-run equilibrium and consumer demand then raises, the short-run industry quantity supplied and equilibrium price would tend to: (w) fall. (x) rise. (y) remain similar. (z) swing up and
Based on the recent success of Ontario tennis star Milos Raonic, Nike Canada will make new state of the art tennis racket with a red maple leaf on the strings. Mike expects to sell 10,000 rackets yearly for the next 4 years. Each racket will retail at a manufacturer&r
If demand for good falls due to increase in its own price. Then what is the change in demand termed? Answer: Contraction of demand
The economic system which depends associatively the least for its effectiveness and overall success on honesty and of members of economically and socially most elite groups in the system are nearly certainly: (1) Oligarchintegrity and hum
The difference between change in supply and change in quantity supplied is as follows: (1) The change in quantity supplied is caused just by the change in the price of good, whereas a change in supply takes place whenever the ceteris paribus suppositi
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