Define tax
Tax: It is a compulsory payment prepared by household and firm to government.
When the price of a good or resource drops, the demands for: (i) That good or resource raise. (ii) Complementary goods or resources reduce. (iii) Substitute goods or resources reduce. (iv) Luxury goods and inferior resources drop.
Refer to the following diagram, which depictes demand and supply conditions in the competitive market for product X. A shift in the demand curve from D0 to D1 might be caused by a(n): 1) decrease in income if X is an inferior good. 2) increase in the price of compleme
In spite of of the amount sold, price equals for a price-taker firm on both average: (i) revenue and marginal revenue. (ii) variable cost and marginal cost. (iii) fixed cost and average variable cost. (iv) total cost and marginal revenue.
Which of the given is NOT a condition for long-run equilibrium into a purely competitive market: (w) P = MC (x) MR = MC (y) P = LRAC (z) TFC = TC Can anybody suggest me the proper explanation for given problem rega
Change in demand: When change in demand takes place due to change in factor other than price, it is termed as change in demand.
When animal rights activists persuade several fur coat buyers to switch to micro-fiber jackets as well as pelt prices decrease from $150 to $50 each, resultant in the baby seal harvest decreasing from 18,000 to 6,000 yearly, in that case the price elasticity
The most compatible along with capitalism of the normative criteria for income distribution, which is the: (1) contribution standard. (2) gold standard. (3) needs standard. (4) balanced standard. (5) equality standard. Q : Marginalism- Economists believe in I have a problem in economics on Marginalism- Economists believe in rational decisions. Please help me in the following question. Economists believe that the rational decisions are generally made: (i) At margin. (ii) On an average. (iii) Based on tota
I have a problem in economics on Marginalism- Economists believe in rational decisions. Please help me in the following question. Economists believe that the rational decisions are generally made: (i) At margin. (ii) On an average. (iii) Based on tota
I have a problem in economics on Resources and Products Flow Model. Please help me in the following question. The eventual owners of all resources and products in the society are as follows: (i) households. (ii) Firms. (iii) The tax-paying public. (iv
I have a problem in economics on Union-Nonunion Wage Differentials. Please help me in the following question. All else equivalent, when employment in an industry raises, the average wage differential gap among union and non-union workers: (1) Narrows.
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