Competitive market
Select the right answer of the question. A competitive market will: A) achieve an equilibrium price. B) produce shortages. C) produce surpluses. D) create disorder.
Profit is maximized in illustrated graph when this lumber mill produces an output level of: (1) 600 generic 2×4s daily. (2) 700 generic 2×4s daily. (3) 1500 generic 2×4s daily. (4) 1700 generic 2×4s daily. (5) 1800 generic 2&ti
When firms possess market power, national output and employment are least likely to be reduced as a result of: (1) occupational discrimination. (2) human capital discrimination. (3) wage and price discrimination. (4) personal discrimi
is the price in the "law of demand" a relative price or an absolute price
Price elasticity of demand: The Price elasticity of demand refers to the degree of responsiveness of the quantity demanded to modifications in price. Ed = (ΔQ/Δ P) x (P/Q)
What do you mean by Gross Domestic Product of Norway?
Describe the consumer’s equilibrium in case of two commodities (IC) approach. Answer: Consumer equilibrium refers to a condition when he spends his specified
This purely-competitive producer’s generic bricks presently sell for: (i) $60 per thousand. (ii) $70 per thousand. (iii) $80 per thousand. (iv) $90 per thousand. (v) $100 per thousand. Q : Fundamental welfare benefits by The incentive to work and earn income is possible to be greatest when the fundamental welfare benefit is ____ and the fundamental welfare benefit is reduced through ____ that the person earns: (w) high, the amount (x) low, the amount
The incentive to work and earn income is possible to be greatest when the fundamental welfare benefit is ____ and the fundamental welfare benefit is reduced through ____ that the person earns: (w) high, the amount (x) low, the amount
Describe the likely behaviour of total product beneath the phase of increasing return to a factor.
The following diagram illustrates the short-run average total cost curves for five different plant sizes of any firm. The shape of each curve reflects: 1) increasing returns, followed by diminishing returns. 2) economies of scale, followed by diseconomies of scale. 3)
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