--%>
Assignment Help - homework help

law of demand

is price in the law of demand an absolute or relative price

   Related Questions in Microeconomics

  • Q : Problem on Boycotts People who reject

    People who reject to purchase the products of a firm whose actions they condemn, especially when such rejection is intended to support the employees who are on strike, and who urge others to not purchase such products, or to not deal with these firms, are engaged in a

    		•
  • Q : Personal discrimination Personal

    Personal discrimination: (1) may impede economic discrimination. (2) fosters wage, employment, occupational, and human capital discrimination. (3) causes housing prices to exceed levels affordable by the poor. (4) is the only cause of occupational dis

    		•
  • Q : Words of Frank Knight In words of Frank

    In words of Frank Knight, risk, not like uncertainty: (w) is totally unpredictable. (x) is a main source of pure economic profits. (y) may be estimated. (z) cannot be taken into account while firms make decisions regarding production and pricing.

    		•
  • Q : Why is the ATC bigger than AVC Why is

    Why is the ATC bigger than AVC? Answer: ATC is bigger than AVC since ATC comprises AVC and AFC

    		•
  • Q : Adjust production in profit-maximizing

    Adjust production in all profit-maximizing firms to a level where the marginal: (i) revenue most greatly exceeds average total cost. (ii) revenue curve is at its maximum height. (iii) cost curve is at its lowest point. (iv) cost curve intersects the m

    		•
  • Q : Intermediaries earn income to help

    In the long run within a market system, all intermediaries earn income only when they help sellers and buyers: (w) raise surpluses. (x) by innovating new products. (y) reduce transaction costs. (z) ga

    		•
  • Q : High economic profits High economic

    High economic profits for firms are least probable to arise by: (1) important market power. (2) “cut-throat” competitive pricing policies. (3) superior products. (4) unusually efficient managers. (5) price-maker behavior.

    Q : Unitarily price elastic supply for

    Supply is unitarily price elastic for all quantities and prices upon: (i) supply curve S1. (ii) supply curve S2. (iii) supply curve S3. (iv) supply curve S4. (v) supply curve S5.

    Q : Define budget line Budget line : Budget

    Budget line: Budget line exhibits all combinations of two goods which a consumer can purchase with his income at a specified price.

    		•
  • Q : Approximate unitary price elasticity of

    Nostalgia Corporation’s output of “Silver Screen Classic” DVDs consequent to the point where demand has unitary price elasticity is approximately: (1) 3 million copies. (2) 4 million copies. (3) 5 million copies. (4) 6.5 million copi

    		•