How will the system accommodate change
How will the system accommodate change?
Expert
In consumer tastes and the guiding function of prices accommodating changes are:-
a. An increase in demand for some products will lead to higher prices in those markets.
b. A decrease in demand for other products will lead to lower prices in those markets.
c. Increased demand leads to higher prices that induce greater quantities of output. The opposite is true for a decrease in demand.
d. Higher prices lead to more profits and new firms entering the market.
e. Lower prices lead to losses and firms leaving the industry.
Explain in detail the interrelationships between economic facts, theory, and policy. Critically evaluate this statement: “The trouble with economic theory is that it is not practical. It is detached from the real world.”
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
Not between exact activities for government to undertake, according to Adam Smith, would be for the government to: (1) maintain public institutions and public works. (2) protect society by invasion. (3) serves as a medium for law and justice. (4) regu
The competitive market system is least probable to be allocatively unproductive as a result of: (w) externalities and public goods. (x) cutthroat competition and the outsourcing of low-wage jobs to less grown countries. (y) the underproduction of a go
As illustrated by Adam Smith that there are two innate psychological attributes of humans. One is which people have a powerful wish to better their individual circumstances. The other is as human beings so we are: (1) more interested
Illustrate the characteristics of the Market System?
How can we compute operating leverage?
Illustrate the term Economic Rationale?
Cingular and Alltel involve in aggressive and expensive advertising for cell-phones. A reason for this advertising may be: (1) attempts to increase market share. (2) predatorily drive other firms by the market. (3) to increase the use of cell phones.
Explain producers in an industry are receiving pure or economic profits?
18,76,764
1952522 Asked
3,689
Active Tutors
1429064
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!