law of demand
is price in the law of demand an absolute or relative price
Describe the relationship among Average Variable Cost (AVC) Average, Total Cost (ATC) and marginal Cost (MC)? Answer: A) If MC
When the price elasticity of demand for fried cheesy grits at Pixie’s Breakfast Grill is two, in that case a price cut of $2.80 to $2.00 per serving of grits would be most probably to: (1) reduce Pixie’s revenues from grits by roughly fort
Payments for a resource into excess of the minimum needed to supply specified amounts of the resource are termed as: (1) economic rents. (2) wage premiums. (3) excess profits. (4) surplus values. (5) capitalization. Q : Characteristics of oligopoly Features Features of oligopoly: 1) Few sellers in the market 2) Firms sell homogenous or differentiated products. 3) Price Rigidity. 4) Behavior of each firms dependence on the other firms.
Features of oligopoly: 1) Few sellers in the market 2) Firms sell homogenous or differentiated products. 3) Price Rigidity. 4) Behavior of each firms dependence on the other firms.
When there are no externalities, in that case a purely competitive market in equilibrium is efficient since: (w) P = AC = MC. (x) total revenue equals total cost [TR = TC]. (y) P = MSB = MSC = MC. (z) MSB = MSC = MR > P.
A characteristic Hollywood star derives the maximum consumer surplus from: (i) Calvin Klein underwear. (ii) Water. (iii) Mercedes Benz 600SEs. (iv) DeBeers diamonds. (v) Publicity in "The National Enquirer." Can so
Numerous big publishing companies refused to publish a horror novel since the author was nameless. The author ultimately found a small publishing house to publish his book. The book sold millions of copies and produced hundreds of thousands of dollars in total revenue
What takes place to equilibrium of a commodity when there is a decrease in its demand and increase in its supply? Answer: The equilibrium price will reduce.
Total revenue roughly for the profit-maximizing lumber mill equivalents: (i) $1700 daily. (ii) $2500 daily. (iii) $3500 daily. (iv) $4590 daily. (v) $6000 daily. Q : Nonlinear kinked demand curve Within Within this "kinked-demand curve" model, that firm views the demand curve this faces as the: (w) linear "kinked" demand curve aD2 for all prices. (x) linear "kinked" demand curve D1D1 for all prices. (y) nonlinear "kin
Within this "kinked-demand curve" model, that firm views the demand curve this faces as the: (w) linear "kinked" demand curve aD2 for all prices. (x) linear "kinked" demand curve D1D1 for all prices. (y) nonlinear "kin
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