Explain the pricing under price leadership
Explain the pricing under price leadership.
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The price leadership implies the leading firm finds out the price and others follow this. All the firms in the industry adjusts, the price fixed through the price leader.
The large firm that that fixes the price is termed as the price maker and the firms, who follow this, are termed as price –takers. Four types of the price leadership are there. These are: 1. Dominant price leadership: Under this situation, there exist many minute firms and one large firm and the huge firm fix the price and the small firms under the market accept such price. 2. Barometric Price Leadership: In this situation one reputed and experienced firm’ price fixes and others may follow this. 3. Aggressive Price Leadership: In this market condition, one dominating firm fixes the price as well as they compel all others within the industry to follow the price. 4. Effective Price Leadership: In this condition, there is small number of firms within the industry.
For wage rates in between $18 and $21, there the elasticity of Morgan’s supply of labor is: (w) 0.72. (x) one. (y) 1.08. (z) 1.44. Q : Supply of labor by increase in wages If the wage rate increases from $25 per hour to $40 per hour, in that case the elasticity of the supply of labor from this worker is roughly: (i) zero. (ii) 7/15. (iii) 13/15. (iv) one. (v) minus 13/15. Q : Negatively sloped over wage ranges The The supply curve of the labor is negatively sloped over wage ranges where the: (1) the demand for leisure rises along with income. (2) leisure is an inferior good. (3) people offer more hours of labor at higher wages. (4) some people
If the wage rate increases from $25 per hour to $40 per hour, in that case the elasticity of the supply of labor from this worker is roughly: (i) zero. (ii) 7/15. (iii) 13/15. (iv) one. (v) minus 13/15. Q : Negatively sloped over wage ranges The The supply curve of the labor is negatively sloped over wage ranges where the: (1) the demand for leisure rises along with income. (2) leisure is an inferior good. (3) people offer more hours of labor at higher wages. (4) some people
The supply curve of the labor is negatively sloped over wage ranges where the: (1) the demand for leisure rises along with income. (2) leisure is an inferior good. (3) people offer more hours of labor at higher wages. (4) some people
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