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    Would you expect the presence of labor unions to lead to higher or lower pay for worker-members? Would you expect a higher or lower quantity of workers hired by those employers? Explain briefly.

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Questions & Answers

what is scarcity
Chhaya Reply
This are your limited resources/goods.
scarcity in economic mean when the resources(goods&services) are limited to meet the demands of the people. in other words shortage of goods and services.
what is choice
Chhaya Reply
what is scarcity
Scarcity refers to resources being finite and limited. Scarcity means we have to decide how and what to produce from these limited resources. It means there is a constant opportunity cost involved in making economic decisions. eg. Land, water, labour etc.
difference between monopoly anad monopolistic copmitition
sriram Reply
do you mean monopolistic competition?
Monopoly is a form of market where there is only one seller of the product or service like in case of railways in India while a monopolistic competition refers to a situation where there are more than 1 seller of products having products with little product differciation.
any one tell plz mean this question What is the main complement of peanut butter and what do you predict happened in its market in 2011?
thank you Muteeba
when the total revenue graph is above total cost what does it means
Jeff Reply
i have no idea, someone get the answer ?
it means that the goods and services that was sold in the firm were a lot and has quality and the prices were high
it means there are profits because returns are more than costs
I agree with Danisa, the producer has a Surplus which equals to total Revenue minus total Cost. Conceptually, it is the revenues that firms get above and beyond their costs. It is also known as Total Profit.
so simple, it's the profit.
if the industry price is fixed at N$ 120, how will the calculation of the firm's profit maximizing level of output be?
Leo Reply
economics loss would lead to firms exiting tje market in tje short run?
Jhapet Reply
how do you calculate maximum achievable profit if you are told that industry price is fixed at $120
pombili Reply
how do you calculate profit maximize level of output if the industry price is fixed at N$120?
what does this mean other things remain unchanged
Mohib Reply
It means that we assume one factor variable and other factors constant. It is known as ceteris paribus.
it means all the factors like fashion, season, techniques, related goods etc are constant . means there is no change.. we assume that only one factor = price affect dd quantity demand or supply.
In a perfectly competitive market, a short-run equilibrium cannot continue in the long-run if: A. The firm's are earning zero economic profits. B. the firm's are earning normal profits. C. The firm's are making economic losses. D. The firm's are operating at minimum average cost E. All of the above
Esihle Reply
the difference between marginal utility and diminishing marginal utility
some times marginal utility increases but marginal dimnishing always decreases or diminishes
when you are willing to spend a maximum amount of $ for an extra unit of "something" you want is marginal utility, but then when you bought enough of that "something" and you are not willing to pay that max amount of $ for an extra unit that is when its utility decreases and you have dim. Marg. util
Using diagrams, show the effect on the demand curve, supply curve, the equilibrium price and the equilibrium quantity of each of the following events The salaries of journalists go up
Secilia Reply
demand increases and price
Vishesh Reply
is this referred to the law of demand? quantity and cost are negatively related so if the demand increases the price decreases.
An increase I demand leads to an increase in price and vice versa, this is the law of demand and supply
what is the question ?
how about demand curve affect economy?
I don't know about conversation btn Lily Oro and Musyoka Clement? how main topic concerned, Lily may u give clarification on that in deep we can learn from you!!!
Explain how price elasticity of demand for a good depends on its nature.
Ahmed Reply
It's a good question. If it is a natural it is more expensive?
Why Economics is associated with Agriculture?
Economics is not only associated with agriculture. it's associated with everything. Because it's Economics.!
Without Economics nothing in the world.!
economist David Cameron
Dejene Reply

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