Describe inferior goods in economics
Inferior goods in economics: Inferior goods refer to such goods whose demand reduces with the rise in income of consumer.
The amount of goods which people are willing and capable to buy is termed as their: (i) Desires. (ii) Demands. (iii) Requirements. (iv) Needs. (v) Wants. Can someone please help me in finding out the accurate answe
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.
The price makers within a purely competitive market are: (i) auctioneers (ii) buyers. (iii) sellers. (iv) both buyers and sellers. (v) nobody. I need a good answer on the topic of Economics problem
Executives at the helms of monopolies that may pay little attention to controlling costs within the short run, but during the long run the monopoly will tend to be operated into a technically efficient fashion since: (w) the firm will
is price in the law of demand an absolute or relative price
(a) Explain the relationship between full employment of resources and full production. (b) Look at the following production possibilities curve illustrating the possibilities in Sluggerville for producing bats and/or p
When technological advances boost market supply and total revenue both within an industry, in that case: (w) demand is relatively price elastic. (x) the industry is dominated by a monopoly. (y) patenting technological advances ensures
Can someone please help me in determining the right answer from the following question. The three fundamental assumptions required to construct a model of the production possibilities frontier do not comprise: (1) Reducing marginal returns to producti
An increase in the income of consumer X leads to a fall/down in the demand for that good by the consumer. What is good X termed? Answer: Normal good
Give the answer of following question. The main purpose of HMOs and PPOs is to: A) reduce health care costs for employers and their employees. B) reduce medical malpractice suits. C) enable groups of physicians to increase their fees. D) direct patients to specialists
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