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.
State how is a single buyer a price taker in the perfect competition? Answer: A single buyer’s share in total market demand is too significant that the buyer
How does rise in price of a substitute good in consumption influence the equilibrium price?
The supply of textile employees in China is possibly most like the perfectly price elastic supply curve within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D. Q : When is demand more elastic at a price Along this demonstrated in below demand curve for DVD games, demand is more elastic at a price of: (w) $10. (x) $6. (y) $1. (z) zero. Q : Marginal revenue in kinked-demand model Into this "kinked-demand" model, such firm views the marginal revenue curve this faces as the: (1) linear curve acD2 for all prices. (2) linear curve deMR1 for all prices. (3) nonlinear curve adeMR1. (
Along this demonstrated in below demand curve for DVD games, demand is more elastic at a price of: (w) $10. (x) $6. (y) $1. (z) zero. Q : Marginal revenue in kinked-demand model Into this "kinked-demand" model, such firm views the marginal revenue curve this faces as the: (1) linear curve acD2 for all prices. (2) linear curve deMR1 for all prices. (3) nonlinear curve adeMR1. (
Into this "kinked-demand" model, such firm views the marginal revenue curve this faces as the: (1) linear curve acD2 for all prices. (2) linear curve deMR1 for all prices. (3) nonlinear curve adeMR1. (
Tax: It is a compulsory payment prepared by household and firm to government.
Which of the given LEAST describes the widespread but erroneous view which economists seldom agree: (1) The media focuses upon controversy, not agreement. (2) Political considerations, more than economic logic, find out policies. (3) Some economists may feel obligated
Can someone help me in finding out the right answer from the given options. When firms function in purely competitive labor markets that produce a fixed money wage of w, then firms maximize profit by hiring the labor where w = the
Firm A in below illustration of figure maximizes profit and is: (1) demonstrated as operating in the long run. (2) capable of reaping economic profit of P2P1de, since only in the short run. (3) incurring economic losses equivalent to fixed costs of P3
Select the right ans wer of the question. The personal distribution of income refers to the: A) division of income between personal taxes, consumption expenditures, and saving. B) division of income on the basis of industry sources, for example, agriculture, transport
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