Answer:
<u>Monopolistic Competition:</u>
4. a firm that faces a downward sloping demand curve.
<u>Perfect Competition:</u>
1. a firm that produces with excess capacity in
3. a firm that may earn in an economy profit or loss in the short run
5. a firm that that maximizes profits profit in the long by producing where MR = MC
<u>Both:</u>
2. a firm that has a firm that sets price greater than marginal cost.
Explanation:
Answer: A. In equilibrium, each worker is paid is or her value of marginal product of labour.
Explanation:
Marginal productivity of income distribution refers to the additional revenue derived from the marginal unit of product produced and that wages should be equal to the marginal revenue derived from the production of additional or marginal product and this is achieved at equilibrium.
The theory also implies that workers should not be paid below or above the marginal revenue derivable from marginal product which implies they cannot be paid $15 or $40, moreover the product price is not a determinant of wages rate.
Answer:
An example of scarce source of production is "Labour"
Explanation:
An example of scarce source of production is "Labour"
Labour
This refers to the work done by those who contribute to the production processes. Many people not in paid employment also provide things that are needed by people. For example, a woman might not hold a job in order to raise her children and look after the home. Some people are more productive in the work place than others because they have different levels of education, training and experience. They are said to possess a greater amount of human capital. This implies that this factor can be enhanced in an economy through educational initiatives and investment in training.
Answer:
The answer to this question is E.database.
Explanation:
<span>The answer is C. It means that more people are unemployed or underemployed.
Subsistence Agriculture means that the farmers only grow enough food to feed their families. They don't grow extra food to sell. This is a sign of a less developed country, because the family members are using their time and resources to care for themselves and are not working outside of the home. Therefore they will be unemployed or underemployed.</span>
