Define Marginal Utility
Marginal Utility: It is addition more to the net or total utility as consumption is increased by one more unit of commodity.
This is untrue that a firm which is a pure monopoly: (1) commonly engages in extensive advertising to differentiate its products. (2) produces a level of output which is closer to socially optimal when this price discriminates. (3) is the sole produce
Given that a MU of French fries of 35 utils and a MU for serving of potato chips at 25 utils, when their respective prices are $1.50 and $.80, the person who wants to maximize utility from the consumption of both of such goods would consume: (i) The similar amount of
I have a problem in economics on Right-to-Work Laws-agency shop. Please help me in the given question. In states with right-to-work laws, non-union members can’t ‘free-ride’ when the union negotiates a/an: (1) Closed shop. (2) Open shop. (3) Union sh
In equilibrium for the firm with power to adjust the salary it pays, then the rate of monopsonistic exploitation equivalents any difference among: (i) VMP and MFC. (ii) MRP and MFC. (iii) P and MC. (iv) MRP and w. (v) MR and w. Fin
Explain the concept of a concentration ratio. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry
For a competitive firm, the short-run supply curve is the portion of its: (w) AVC curve that lies above the ATC curve. (x) MC curve which rises above its AVC curve. (y) MC curve which is upward sloping. (z) AFC curve which lies above the MC curve.
Within a competitive industry into the long run: (w) economic profits are common. (x) existing firms wither in growing industries. (y) economic profits induce new firms to enter an industry. (z) accounting profits will be zero for all firms.
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)
Equilibrium interest rates change among various financial instruments due to differences in all of the given EXCEPT: (w) default risk. (x) time to maturity. (y) liquidity. (z) the solvency of the lender. Hey friend
Financial intermediaries are not: (1) channels linking parties who want to save to parties who want to invest. (2) restricted to serving primarily large savers and investors. (3) more significant in determining the U.S. money supply than all are produ
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