Perfectly elastic - Study guides, Class notes & Summaries

Factors influencing demand for labour - ANSWERSDemand for final product - if rise in output > increase in productivity Relative productivity of labour to capital - substitution effect £3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage Factors influencing supply of labour - ANSWERSCost of living Cost of gaining skills UK uni fees capped at £9,250 per year Number of workers UK raises state pension age from 67 to 68 Market failures in labour marke...

ECON 101 Week 6 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points Perfect competition is characterized by: rivalry in advertising. fierce quality competition. the inability of any one firm to influence price. widely recognized brands. Question 2 10 / 10 points An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: a duopo...

Production Possibility Frontier Supply and demand diagram showing equilibrium Supply and demand surplus Increase in demand Decrease in demand Increase in supply Decrease in supply Consumer surplus Producer surplus Inelastic demand Elastic demand Unitary elastic demand Perfectly elastic demand Perfectly inelastic demand Inelastic supply Elastic supply Substitutes diagram Ad valorem tax Tax diagram Subsi...

ECON 705 Mod 6 Self-Assessment (GRADED A+) Questions and Answers 100 out 100. Mod. 6 Self-Assessment 1. The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm Select one: a. produces a complementary good. b. faces perfectly elastic demand for its product. c. produces a perfect substitute for the other products in the industry. d. has market power. 2. All of the following could be a barrier to entry except Select one: a. large eco...

All of the following are true of allocatively efficient markets except CORRECT ANSWER Consumers place a higher value on that product that it is costing firms to produce What type of efficiency is defined as the mix of goods and services produced that are just what society desires? CORRECT ANSWER Allocative efficiency A perfectly competitive firm in the long run will CORRECT ANSWER Earn normal profits Goods that are consumed together, such as cars and gasoline or peanut butter and jelly ...

Managerial Economics & Business Strategy Michael Baye 9th Edition- Test BankAssume that the price elasticity of demand is −2 for a certain firm’s product. If the firm raises price, the firm’s managers can expect total revenue to:A price elasticity of zero corresponds to a demand curve that is: A. horizontal. B. downward sloping with a slope always equal to 1. C.vertical. D. either vertical or horizontal.As we move down along a linear demand curve, the price elasticity of demand becomes...

Chemistry Cumulative Exam Questions and Answers 100% Pass In which orbitals are the outermost electrons of carbon found? s orbital and p orbitals To demonstrate both physical and chemical transformations in a classroom, which example would be most effective? Igniting a candle What distinguishes heat from temperature? Temperature reflects the degree of thermal energy, whereas heat represents the transfer of this energy. What does a water enthalpy of formation value of -285...

Revenue Management Latest 2023 with Certified Solutions Revenue Management Also Known as Yield Management An essential instrument for matching supply and demand by dividing customers into different segments based on their purchase intentions and allocating capacity to different segments in a way that maximizes a particular's facility's revenues. The constellation of tools and actions dedicated toward the achievement of an optimal level of the hotels net revenues and gross operating profit 7...

A perfectly inelastic demand curve is shown as a correct answers vertical line When it comes to pollution, economists believe that the government must correct answers allow firms to pollute as long as they account for the marginal cost of their pollution. If the quantity demanded of soda increases by 4% when the price of coffee increases by 16%, the cross-price elasticity of demand between soda and coffee is: correct answers 0.25. The price elasticity of supply tends to become more ela...

Ivy Software MBA Prepworks Fundamentals of Economics Exam - Complete Solutions (Answered) The main concept demonstrated in the production possibilities frontier is Opportunity cost When country A has a lower opportunity cost of producing sugar relative to country B, then country A is said to have Comparative Advantage A graph that shows the combinations of two goods that the economy can produce given the available scarce resources and available technology is called a Production Possibilities...