What are the characteristics of a monopoly market?
I = MC, II=ATC, III = demand curve, IV = MR. How does a monopoly choose its profit maximizing output and price?
One factor that distinguishes monopolistic competition from perfect competition is that:
Scarcity is a situation:
Labour, land and capital are called:
what would reduce an economy's protection against the import of cars?
A total ban on imported products is a .....
Net national product at factor cost is also known as:
GNP(MP) = GDP(MP) + ________ :
1.How many approaches in calculating national income?
4. The national income is
5.The value of the output of all goods and services produced within a country in a year.
6.When a nation's exports exceed its imports and is calculated as exports - imports
Long run refers to time period in which________________.
In the short Run, all inputs are considered to be variable inputs.
When MP increases, TP will increase at increasing rate.
What is the goal of a firm?
Fixed Costs are only fixed in the